It appears to have been made by bringing two molds together to form the whole. You can see some mark running around the center that seems to be of a different density. It is about 1 1/4 inch in diameter.
There are several cracks in the clay. In hand it doesn't look that old to me. I am thinking it is probably some sort of gambling counter or token, as I have read they were not just made out of porcelain but many different metals, glass, etc.
Has anyone seen something like this before?

