Probably a "picker's token" - the plantation owner's initials are probably those on the token. After the worker picked a certain amount of whatever they were picking, and turned in the basket, he/she would get a token. At the end of the day, he/she would turn in all the tokens for cash. It is fairly unusual for the denomination to be marked on these tokens as that took away the flexibility for the plantation owner to change. Usually it was just understood that "for today, you get 1½¢ for each bushel". I don't have the MD token book, but will try to ask the author, David Schenkman, about it.
John in ID