Those type religious medallions have the crude "cob" type strike, which is so cool

And cobs don't post-date the mid 1700's (maybe 1800 on the most-outside range, depending on the country & mint, as milled took over by then). That sideways clasp has a cruder look that those that I've found at mission era sites here in California. Whenever I find those sideways hand-drilled clasp type, they are the oldest of the types that can be found here (earliest missions = 1770s, but brought stuff that was older than that with them). And the crudeness of the strike looks old. I've seen some British md'ing sites, where pix are profiled, and ... as you can guess, they find those in British fields. And in cases of that type look, they've had them dated to the 1600 to 1700's. How they came to those conclusions, I don't know. I suppose they can date to the 1500's even.
Anyhow, if you go to some of those British finds websites, you'll see an array of religious medallions and dates. How they come to those date conclusions, I don't know.
Where did you find it? (as in, country or state).