Very interesting piece, Jamie. There is another one at the [liveauctioneer] link in the 'Web references' to the left.
(Note: We photoshopped your images to give folks a better look at your token.)
There were numerous political tokens issued around the time of the Civil War in America. Civil War Tokens (CWTs) fill a very popular segment of collecting, and most of them are quite valuable. Your token, however, is not a 'normal' CWT, which were struck on coin presses. It certainly appears that your token was carved by someone moved by the Union, anti-Confederate cause during the 1862 time frame. If so, it is very likely quite valuable, since collectors would find it very tempting to add to their collections.
A summary page of background material on CWTs, with pictures anv values, appears at the [coinquest] link in Web references.
2 months ago
There was a well-established 'Death to Traitors' grass roots campaign in the North. It shows up on several different CWTs and in the literature of the day. The example above is focused against Jeffereson Davis, President of the Confederacy in the South. Your token is more general: Death to ALL Traitors, not to one person specifically.