When I was a young kid in the late 50's there were boardwalk arcades in Ocean City, MD that had machines that dispensed such trinkets on which you could print whatever you wanted on the perimeter. The machine had a dial with the alphabet on it. Chris
I remember those also Chris. They used to have them at the Eastern Sates Expo in Springfield, Ma. Right beside the machines that dispensed the big thick cards with famous people on them with a faux autograph in sepia ( color ).
We used to get these at Cedar Point in the arcade. These are typically classified with other "good luck" tokens for numismatic purposes.
Been about 4 years for me, bad back and legs, etc. My little sis bought me a ticket to see Alabama so going this year. "Song, song of the South, sweet potato pie and I shut my mouth".
This page has more information and a photo of one that nearly matches the posted token (with a difference in the letters, of course): http://www.luckymojo.com/goodluckcoins.html Scroll down to "(F) ARCADE-STAMPED GOOD LUCK COINS" (there is some "adult language" on the page, however). This site apparently shows a lot that was sold: http://www.timepassagesnostalgia.com/&pm=0&searchkeywords=Slot Key Chain&sin=c368 They seem to have provided a medium for love amorous couples wanting to emboss their love for eternity. But whoever created the posted token apparently had trouble working the machine, as it seems to read "MERLEEE ANE RICHAQD THE LOVEGS." Nice attempt at romance. I wonder how the rest of the date went?