Found one online and has the hole. It appears there were 3 designs and some have holes and others didnt but probably had the old style key chain...definately a period piece not the best shape but not bad for $1.
The tokens with the Punched holes would have appealed to the men who carried a pocket watch, as they could clip the token to the end of their watch fob. Lady Liberty is a bit off in design features.
"Struck in 1882 and awarded annually in competitions at public schools and on training ships." per Eimer.
Picked this one up in a jar of old coins the other day. Appears to be a lucky charm for St George as Patron Saint, and promising safety ti the storm. Measures about 24mm across and I think is silver, though not sterling and not marked. I have found similar designs on Ebay - usually in base metal and poor condition, mostly from Belarus, so makes me think this is for George as Patron of one of the East European nations rather than England. Anyone know any more?
Interesting - I didn't expect to find it in Numista! Mine is much smaller and I think is silver rather than plated brass. It was clearly made as a good luck charm to go on a chain or fob, but we will probably never know when.
That brings back some memories. In 1962 I attended a big boy scout camping trip at Antietam Battle Field, on the 100th anniversary of the battle.
Dang, you guys have a lot of exonumia. I just checked and see I have about 110 pieces total. I guess I specialize in other areas more so than in tokens, etc.