This coin is really a reference to the United States, not just to a particular state, but because the star at the top of the pyramid bears the abbreviation "K", this coin has become known as the Kentucky Token (sometimes called a "Cent"). All of the different varieties of the Kentucky token were struck in England and they are collected as 1) part of the series of American Colonial coins and 2) as part of the series of Merchant (and other) tokens catalogued by Dalton & Hamer -- otherwise known as Conder Tokens.
Obverse: "UNANIMITY IS THE STRENGTH OF SOCIETY" surrounds a hand holding a scroll that reads, "OUR CAUSE IS JUST"
Reverse: "E PLURIBUS UNUM" above a fifteen star pyramid in rays of glory. Each of the stars bears the initial of one of the fifteen United States existing at the time. The top star bears the letter "K" (for Kentucky - the fifteenth State), hence the name of the token.
Kentucky Tokens are very well made, in general, and come with frosty or prooflike surfaces. Examples with some red color are available, but those with full red color are very rare. The majority of certified examples fall into the MS62 to MS64 range. Gems are rare and anything better than MS66 is exceedingly rare.