Elizabeth I, dated 1601 It has been described as a pattern groat and some times a medalet/medal. A very elaborate portrait of the Queen in all her finery. Very few of them are available or have been sold in recent years and it is therefore, very rare. I read somewhere it is cast/chased silver and found the design quite appealing especially the rather unique arrangement of the Queen's name on the reverse below the crown. Haven't had much luck with numbers produced or what this actually is. Anyone?
This is the only one of my (25 or so) books on British medals in which your item seems to be listed: Hawkins, E., Medallic Illustrations of the History of Great Britain and Ireland to the Death of George II, Vol. I (British Museum, 1885, reprinted by Spink 1969), No. 177, at pp. 177-178: As indicated, there are examples in gold, silver, and bronze. The reference to "Med. Hist." is to the companion volume of illustrative Plates.