What do you think? Diameter right on, have yet to weigh it. Judging by ring, it is most certainly silver. Might send it to NGC.
Here's an obverse for a certified 5 Lire from 1891. Something I notice are differences in the rims/denticles.
Here are some characteristics of fake 1891's: http://www.forum-numismatica.com/viewtopic.php?f=9&t=50389
Modern copy Yarb0, sorry. The reason that much of the rim and dentils are missing is because it was made from a transfer die. The outermost parts of the design are often lost in that process.