Was your grandpa part of the occult? It doesnt look like a coin but rather a token, privately made for something. Looks more nefarious rather than the typical good luck tokens.
I think it is a Good Luck token. It has the Eye of Providence in the center, Scales of Justice below the eye. A swastika above the eye, which is a good luck symbol. https://www.google.com/search?q=eye of providence&oq=eye of providence&aqs=chrome..69i57j0l5.20159j0j7&sourceid=chrome&ie=UTF-8
The OP's (original poster) item is similar to the Good Luck coins here: http://www.churchofgoodluck.com/Tokens_and_Coins.html However, the OP's item appears to be crudely made, possibly of a soft metal like lead.
