Reeded edge coin with square hole. Cash coin?

atmosfear

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I have spent a lot of time trying to find something like this online and failed so I am leaning towards this not being a coin. There is some lettering that can be seen in the right light. Pence possibly and a date that can look like 1901 and 1861 depending on the light don't let the picture fool you. I haven't tried cleaning it as the sheer shape should help with identifying it. Chinese cash coins always seem to have their symbols on their, but this does not and have the typical US date stamp. The reeded or milled edge says to me it's later 1800's possibly? The coins looks clad to me with some gold color shining through the patina. This was found in an area with what seems to be a lot of large cut nails and some old bail wire possibly. Not one modern wire nail. Some nails I chased down 3ft... This was west coast 1 hour from LA. My daughter likes the iron finds so dad does a lot of digging... Any help is appreciated. Thanks
 

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with the square hole, maybe a thumbwheel from a lantern or some other mechanical device?
 
Not a cache coin. It's made of iron and appears to have 1961 or 1061 stamped near the rim.
 
Looks like a thumb wheel to be used with a ratchet. Does it happen to fit one?
 

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To me it looks like 1907 but possibly 01. Don't know but am thinking the wick adjustment wheel from a kerosene lamp.

Sent from my LG-V495 using Tapatalk
 
Looks like a thumb wheel to be used with a ratchet. Does it happen to fit one?

Yes it actually fits perfect on a 1/2" ratchet. That would possibly explain the "goldish" plating. It isn't chrome. Being in the same hole as cut nails is a bit odd. Maybe an old trash pile. I might do some electrolysis for the heck of it and see if the lettering comes out then. Thanks All!
 
I did some heavy electrolysis and what do you know "1/2 Challenger" "USA" with a "1061" (Not 1901 :/) which is after all the part number as stated. So no ancient Chinese discoveries here. ;) 20190403_184725.jpg

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