Madras Presidency 1/2 Pagoda -- what is it? Trench art/love token??

[repindia]

I like this piece very much but don't know what it is! This is a Madras Presidency half pagoda which is struck on a 1788 8 reales with the date being very clear. The reverse has been planed off and someone did some nice artwork with a winking sun and an engraving which says "CALEDON Ld.". Does anyone has any idea what this is? It is a mystery to me.

[repindia]

The obverse looks like as if the engraver took a UNC coin and then made his token and has very little signs of wear.

[repindia]

Obverse rotated so as to show the date on the host coin.

[cmerc]

That was a great half pagoda, those are quite scarce these days.  Too bad Caledon Ld did not do this on a more common Arkat rupee. 

[repindia]

BTW I have not figured out what "CALEDON" is. It might be some corporation (going by "Ld") or the "Ld." might stand for Lady. Google was not much of a help here other than pointing to this direction.