This is a 1920's United Electric Railways Co Token.
The center of the token is punched out to resemble a wheel shape.
The United Electric Railways Co. which operated trolleys in the state of Rhode Island. The history from the Rhode Island Public Transit authority states...... The Union Railroad became the Rhode Island Company in 1902 & took on the task of linking utility companies with railway operations. Reorganized in 1921 as the United Electric Railways, the company oversaw the transit system’s daily operations in Rhode Island. At this time, the state also became involved in transit, placing the system under the regulatory authority of the public utilities commission and making it eligible for certain tax exemptions. Two years later, passenger trips reached an extraordinary all-time annual high of 154 million. In 1926, the New England Power Company purchased United Electric Railways Co. & a holding company, the Rhode Island Service Company, then took over the operations of the transit system.
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