Dave Baldwin writes:

The obverse design and motto is not an original design by George H. The witch on a broomstick with similar mottos were found on seal fobs in England at least by the early1800's. These would have been worn on a watch fob, or possibly a necklace in the case of a woman, and used to stamp wax to seal a letter.

So how did the expression "We all have our hobbies" come to be associated with the image of the witch on a broom stick? "To ride one's hobby-horse"meant to follow a favorite pastime and eventually led to our modern usage of the word hobby. And the image of the witch on her broom stick is very much like a child riding theirstick or hobby horse - so she is pursuing her 'hobby'.

To read the complete article, see:
George H Lovett Gallery Part 3 : "We All Have Our Hobbies" Token(http://ghlovett3.blogspot.com/p/historical-discovery-of-ameica.html)