any ideas on this?

[sonnyt]

I found this on a beach on the treasure coast. I thought I finally had a great coin. It was encased in about 1/4" of very crusty material, rust in color, but not metallic and quite brittle. Anyhow, after using electrolysis on it this is what I found. 1/16" thick, with what appeared to be cheesecloth tightly adhered to the metallic disc. The "cheesecloth type material separated from the metal after soaking awhile.
I can't find any markings on it at all. I was hoping I'd found something valuable, being wrapped in that "cheesecloth" or whatever it is. The cloth was perfectly round just like the disc. A magnet will hold it. Thanks .

 

[olroy70]

pic would be nice

 

[TomPA]

Quite difficult to tell by the picture, but I'm going with a white, iron poker chip.

 

[sonnyt]

Sorry, probably falling asleep.

 

[Got_4by4]

probably sewn/glued onto fabric then sewn to a fishing net as added weight.