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Is this a coin?

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diggger21

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I found this near a old hacienda in Mexico. I need help identifying it
 

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It doesn't look like a coin to me. What does the other side look like?
 
it looks like a Key chain Fob with the hole broken out to me
 
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I think it's a 19th century mexican copper or brass coin that was smoothed out and struck into a hacienda token
 
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