Its from Ferrara/ a Duchy, ruled by one Duke Alfonso II D'Este. Its undated (ND) Ferrara was a independent Duchy until the Duke died without a heir. It was then absorbed into the Papal States Territory. It is situated in what is now Northern Italy. This is a very crude hammered AV coin, circa 15th century.
The legends are clear, it's well centered (though not perfect) and well detailed. Why is it considered "very crude hammered"? I think it is beautiful!
A lot of us, are used to machine produced coinage or "milled coins". Hammered coins were crude compared to milled, but then we have to appreciate the work/tools back in that era 650BC-1600AD.... Actually, some hammered coins were flawless in their appearance. Here is an example from Brandenburg-Bayreuth from 1642/41
Well, since this is the Ancients board, I think you'll find that we're all okay with the less-than-perfect look of hand-hammered coins .