Looks like a trade token, all right. Probably a pool check in the pool hall of someone whose initials were I. N. The problem, of course, is determining who/where/when it was. It is not listed on tokencatalog.com - if you can get better closeups, it might be worth posting there. You could also check local business directories for the period 1920-1950 and see if you can find someone with those initials in a business that may have used this.
John in the Great 208