Its a novelty token you could make yourself from a machine that was usually located in high traffic commercial areas, arcades, amusement parks, etc. You entered in what you want stamped into the medal, inserted coin(s) for whatever the fee was, and start stamping.
You could Contact Them, Tell them the State You Found it in & Ask them if they can
Give you a way to Trace the Initials. He may have made it as a Tag on his Instrument Case