Neat token, not listed in the book: "Bimetallic Trade Tokens of the United States" (which I stock, on my web site).
It IS listed in the book: "Oregon Trade Tokens" which I published, and stock:
(Criterion, OR): (same inscription, bi-metal), Rarity 5 (6-10 known, at time of publication), 21mm.
Also listed is "Criterion Cafe", GF 5c IT, 21mm Brass with center hole.
The Criterion post office was discontinued in 1926. The book only lists four tokens.
The Amusement token book by Alpert also lists a "Criterion/739 University//(same)" as from the Criterion Cafe, 20mm, of St. Paul, MN.
Consequently, the attribution to Oregon may be incorrect. MN is famous for issuing tons of nickel-sized amusement tokens, many with initials or names only, and a St. Paul attribution seems more likely for this style of token.
It would probably take some legwork knocking on doors in Oregon and/or St. Paul to nail down a firm attribution.
Even though I published the Oregon book, I make no claims as to being an expert on them. But, I would think the St. Paul listing is the correct one.
Rich