This coin may have used as a toy for a child. If you put string through each of the hole and tie each end group to a stick, you can pull the strings tight, then loosen them, and the coin will spin. A little hard to explain, but you get the idea.
This is easily the lowest grade item in my collection. It was made from iron plates that were on the CSA Virginia a.k.a. The Merrimack. I have not had a chance to buy one of $3,000 + pieces that are in decent condition.