During the early 1900s tokens like these were popular items. Merchants would produce and sell them to customers, often giving them in change, as 'draw' to bring the customer back. Taverns, bars, and pool halls were especially prominent, although any type of business would do. Tokens like this are almost always made of brass, bronze, or some other type of base metal.
Sometimes the tokens carry a number only. Other times the name of the merchant appears explicitly. Thousands of different patterns were produced, with and without holes. Often the value was expressed not in cents, but in merchandise. 'Good for 1 meal', 'Good for 1 tune', and 'Good for 1 treat' are examples of the non-currency annotations. As you can see, these tokens can be very interesting!
There is an avid collector following for these tokens today, and that makes them valuable. We can provide only general guidance. As always, the condition of the piece makes a big difference in value. The token in our picture would probably sell to an eBay collector for $10 US dollars or so.
TOKENS WITHOUT MERCHANT NAME
worn: $2 US dollars approximate catalog value
average circulated: $8
well preserved: $15
fully uncirculated: $35
TOKENS WITH MERCHANT NAME
worn: $5 US dollars approximate catalog value
average circulated: $12
well preserved: $25
fully uncirculated: $50
Prices can vary substantially, especially for older tokens when particular collectors are looking for particular merchants. Modern tokens, post 1940, are worth much less. If you have a nice-looking token, consult a knowledgeable collector or professional coin dealer for an in-person appraisal.