I found this in close proximity to an abandoned college. It states
"Second Session
Oct. 1907
M.A.S.W.
Hot Springs
Ark."
Around the rim are the states Okla., Kas., Tex., Mo., Ark., and the letters I.T.
Any clue on this one will be appreciated.
It seems to be a souvenir token from the 2nd Annual Meeting of the Medical Association of the Southwest, held October 8-10, 1907 in Hot Springs, Arkansas, described here in detail (which also describes the $11.50 paid to Oklahoma City Manufacturing to produce those badges!).
By the way, "I.T." stands for "Indian Territory", which existed until 1907, when it was combined with Oklahoma Territory and admitted to the Union as the State of Oklahoma on November 16th of that year.