That’s a scarce token and a really nice find. There is a later token from 1863 (also scarce) with a patriotic Washington bust obverse and the correct spelling as “Ellwood”.
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I don’t think he actually filed a patent for barbed wire, except for much later patents in the 1880s as improvements on the designs of others, filed jointly with various inventors.
The first barbed wire patent was granted to Michael Kelly in 1868 and Ellwood was one of a number of inventors tinkering with ways to improve it. The most successful improvement (plus machinery for mass-production) that emerged after various litigations for infringements was filed in October 1873 and granted in November 1874 to Joseph Glidden. That led to Ellwood abandoning his own ideas and purchasing a half-share in Glidden’s yet-to-be-issued patent in July 1874 for $265, after which the two established the world’s first barbed wire factory.