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George IV Gold Coloured Coin/Metal Detecting Find

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Hi folks, 

So I recently acquired this coin/medal found by a friend while out metal detecting. He's done little research on it so I just wanted to run it past some folks that probably have far more knowledge on me regarding coins. I've listed a couple of images below so if anyone could give me some thoughts on them? Thanks.

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It appears to be a gaming counter.

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Looks very similar to the brass watch fobs that were popular around this time. There is normally a loop at the top for suspension but it's not uncommon to see them filed off.

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