One of the experts over on CoinTalk has correctly identified and evaluted this crude, recently made token:
'This is a token (one of many types) privately minted, many were minted around the time of the bicentinial and many were like this, same on both sides, others have different reverses. If it doesnt have a company name on it or initials, then the most I could tell you is that it isn't worth much at all, in that condition I would say its worth nothing. As you can tell it is very cheap and poorly crafted not to mention the hole and corrosion. I see them pop up here and there and they seldom sell for more than a few bucks.'
Thanks to CoinTalk's Drusus for this information. Summarizing:
circulated: $1 US dollar
fully uncirculated: $3
You can see a nice set of Presidential medals at this CoinQuest link.