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Interesting George Washington medallion

Description

I got this medallion when my great aunt passed and I'm not sure of any history as to where she got it or what exactly it is.

It has a bust of George Washington in the middle and around the edge it reads "1789 1st president U.S.A 1797." With "George Washington" at the bottom. It appears as if it was originally a coin and someone drilled a hole at the top to use it as a medallion. 

Thanks for any info you can provide on it.

Category Other
Medium Steel???
Condition Good
Size and dimensions of this item Roughly 1 inch diameter
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