Idahotokens always beats me to the punch.. Must be his early rising living in a different time zoneTim--yes, it is a Colgate Palmolive Peet Co. dental creme (toothpaste) token. This is one of a number of various coupon-type token that were used in much the same way that newspaper coupons are used today. I don't know for sure how they were distributed - maybe in the package of one of their other products. Go to eBay and search for Colgate dental token to see some examples where you can read all the words.
John in the Great 208