I found this locally. In 1963, according to an ad in the Kingsport Times-News, Tays Farmer was the parts department manager at Daugherty Bros. Chevrolet in Gate City. The worn notch at the top indicates it was hanging off something for quite a while. There’s a blackening around the notch. In the center front is what remains of a Trailways logo. On the back it states “Travel Bus Trailways”. (Only so much you can do within a circle, word-wise)
If that is, indeed, a worn Trailways logo on the front, it’s the National Trailways Bus System logo and dates this to the ’50s.
Later: on the ‘net, I managed to find another Trailways token very similar to this one, but from Bybee VA. On that token, the side with the name on it is the reverse of this one; i.e., the “Travel Bus Trailways” side has the name on it.
This token is considered rare.