I found two tokens similar to yours, both on the same day. The similarity being the tokens looked to be blanks that were punched at a later time. Turns out I think my theory was right. Several years later I was in one of my favorite antique stores, whose owner is quite knowledgable on items I have shown him in the past. In this case I actually spotted a token in his show case that looked similar to mine, and, ofcourse, the one you have pictured. He said it was from the early 1900's, and were the cheapest tokens a merchant could buy, inthat they were blank. The merchant then simply punched them with the initials of his business, and with what ever value he chose to give them. Anyway, satisfied me. Hopefully, it will help with you.
