I believe this was a Franklin Mint, or some other private mint, piece that was part of a series on great thoroughbred horses through history. If I recall, the strikes were quite nice.
I would say, given the significance of that race, it would be a quick sale on eBay, WAY above melt. To many, that horse embodied America's greatness.
First, welcome to the neighborhood @12west ! Yes, it was struck at a private mint, but it is a medal rather than a coin. I'm guessing that it was struck in silver .925 (sterling) or higher. I must tell you that it is never a good idea to hold a coin or medal the way you have shown in your second image. The oils from your skin in the fingerprints can etch into the metal. It is always best to hold a coin or medal by the edge. Chris