This token is called a Habitant Token -- with strong symbolism for French-Canadians. It portrays a Canadian habitant in traditional winter clothing. The reverse of the below referenced token shows the arms of the city of Montreal with the name of one of the four participating banks on the ribbon (City Bank, Quebec Bank, La Banque du Peuple, and Bank of Montreal).
I dug one of those in early spring. Yours is in better shape than mine. It took me a while to id it. The 1837 is the first year for that coin isn't it? I may be wrong. Great find!