At first glance this looked to me to be a civil war token. However it looked to be part of a bracelet. It has a Indian head on one one side and the number one on the other surrounded by a wreath.
This is a replica of a gold 1 dollar coin. I have seen a picture that had one on a watch chain as a link where the fob chain attaches but I have also been told by a few people that they were used on a charm type bracelet. I found one of these last year myself. Cool find.