Found this token metal detecting in my grandparents yard. Says You Pay on the front. On the back it says Merry Go Round Café. 10th and Race. Philadelphia. Would like to see why it ended up in a small town in Missouri.
That is actually what is called a "spinner" - an advertising giveaway used to see who buys the round of drinks. I'd guess the hole in yours was made so it could be hung on a necklace or some such. The hole would mess up the spinning a bit. So, maybe it got carried from PA to MO around somebody's neck before it was lost.
John in the Great 208