Judging by the picture, looks to be a "Bullseye" token, which has 3 different variations.
There are three variations of the "Bullseye" tokens. The first is the "SJD" token, the first of the "Bullseye" series. The letters "SJD" can be found on then "GOOD FOR ONE FARE" side between the "D" in GOOD and the "F" in FOR (SJD may be the designers initials). The second is the Archer Avenue Extension commemorative token, issued in December 1988 to celebrate the opening of the Archer Avenue Extension in Queens. Instead of "GOOD FOR ONE FARE" it says "ARCHER AV EXTENSION 12-88". The third is the "plain Bullseye" which lacks the "SJD" on the token. Total mintage of all varieties 90 million; 100,000 were of the Archer Avenue variety.
If it's not the Bullseye, as pic is poor quality and has a hole, it's the last of the tokens used in NYC, called the Five Boroughs Pentegram Token, which was introduced in 1991 and used till the Metrocards started being used.