This is an Excelsior Shoe Company "The Original 'Boy Scout' Shoe For Boys" advertising token.
The token was issued by the Excelsior Shoe Company of Portsmouth, Ohio, starting in July 1910.
It features an image of a scout mounted on a horse on one side.
These medallions are considered the first United States Scout medallions and were given with each pair of "Boy Scout" shoes.
There were several versions and types of these tokens manufactured by different companies.