That's well beat up, but I can see a letter N followed by a full stop and what looks like the number 56308.
I suspect it may be a variant of this souvenir good luck token produced for Alexandria in Douglas County, Minnesota, in a number of different metals.
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Obverse: ALEXANDRIA, MINN. 56308 / BIRTHPLACE OF AMERICA around a depiction of a Viking looking at a runestone.
Reverse: GOOD LUCK / SOUVENIR around a horseshoe and wishbone.
The “Birthplace of America” claim and the Viking depiction relate to the alleged discovery of a runestone in Douglas County in 1898, purported to be evidence that the Vikings reached central Minnesota in 1362, long before Columbus’ expedition. It was dubbed the ‘Kensington Runestone’, the nearest settlement being Kensington, but is now dismissed as a hoax by the mainstream archaeological community.
If it does say ‘MINN. 56308’ (the zip code for Alexandria) it could be another kind of token for the city, but couldn’t be before 1963 when 5-digit zips were introduced.