Mike:

From the apperance of the reverse of the token (the side with the two groves cut into it) it has all the appearance of a (security) telephone token. The question is now why would such an item exist? It does not appear to be a minting error (that is a normal token struck on a telephone token die) but rather a legimate business strike.

I say that because it has wording on both sides that relate to each other.

I am only guessing here, but the value (5) may relate to how long of a phone call you could make (i.e. 5 minutes).

Hope this info helps.

John