That looks pretty legit as a button, though the markings radiating inward around the edge are weird. Wonder if they were the points at which something was tied around the "button" like fabric? Other reasons folks "holed" cents were for jewelry mounts, and to sling around their necks (this happened a LOT... guaranteed they could get a drink, if they ever got stuck somewhere). Supposedly, during the Underground Railroad phase, the coins were used as identifiers, too (marked in special ways, maybe with two holes like you found?)
Skippy