Tree Token (Medal?)

I am afraid I will be more questions than answers for quite a bit..

Here is another that I have acquired over the years. I do not even know if it classifies as a token, but it had some value to the man who kept it for many years. Perhaps only sentimental. It was in a leather pouch with some civil war era coins and a hard times token.

Searches are difficult, I have no words to work with. Back side is variegated but blank.

So, do you think it is a token, medal or a sentimental part of a charm bracelet?

Thanks for taking a look,

Mr R