It was probably a button or could have been made for a string toy. As to grade, it's a PO-1 damaged so it isn't worth much (5 bucks maybe). Ribbit
Take a shoelace and run it through one hole an back through the other one then tie it off. Put the coin towards the center of the looped shoelace and twirl it a "few" times, then pull on both ends of the shoelace and it will twirl. It was a easy toy to make and only cost a penny and a broken shoelace. Ribbit
