it looks like gold on the outside no marking I can see what looks like a M and a F next to the loop second picture Thanks
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IMO, the reverse image with a 'bar andball-tipped cross' design is consistent (and unique) with the clippedplanchet silver 4R and 8R coins of Felipe V, during the years 1733and 1734. Two problems I see: (1) the denomination (to the right ofshield) appears more like a '1' than either an '8' or a '4'. But ifit can be said to be an '8', the other problem kills the value; thetotal clipping of the legend as shown in Deepseeker's image (post 5).Perhaps it is a replica based on the coin Deepseeker presented.
Don........