Interested to see what a bit of cleaning reveals but, with some enhancement, I can definitely see an ‘A’ after the ‘M’. It could be someone’s name such as ‘HARMAN’ or whatever, but I suspect it may be ‘PHARMACY’.
View attachment 2119135
For Georgia, a search on ‘Token Catalog’ for ‘HARMA’ (as a partial word) throws up multiple possibilities but, unfortunately, many of them not illustrated. If it’s out of ‘home territory’ then the possibilities are even more numerous. I didn’t trawl all the listings but one that seems to fit on a search for Georgia tokens is the first hit, although it doesn’t have ‘GEORGIA’ on the other side. The font style; size; spacing on the token relative to the rim; narrow, closely-spaced letters; slightly splayed ‘M’; low crossbar on the ‘A’ relative to the ‘H’ and ‘R’ seem to be a close match for this one (FAIRCLOTH PHARMACY / ABBEVILLE, / GA.):
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The token catalog listings.
tokencatalog.com
Searching for ‘HARMA’ (as a partial word) and ‘GEORGIA’ (as a full word) doesn’t give any hits.