It is a real nice coin that has been counterfeited a whole bunch because of it's high value. I am thinking China (Kwangtung Province) K-198 or 198.1 I will leave it to the experts to confirm and evaluate.
Kwangtung is a province in China, so no mistaking this coin for Japan or Korea. It is now called Guangdong. I think Muzyck's spot on with Y#198, which is denominated as 7 mace and "3" candareens, rather than "2" candareens on the very valuable pattern Y#198.1 (and on the OP's coin) -- it is therefore not a genuine Y#198. One final test if you have a precision scale: Y-198, 7 mace, 2 candareens, general issue (1889) only - 27.4000 grams; Y #198.1, 7 mace, 2 candareens, extremely rare pattern (1889) only - 27.4000 grams; Y #203, 7 mace, 2 candareens, general issue 1890 to 1908 - 27.0000 grams. The subsequent general-issue dollar coin (1890 to 1908) has English legends around the dragon (Y#203), so I think it is probably a fantasy composite piece sold by Alibaba or a similar enabler of counterfeiters. The fonts used for the legends look way off too -- tall and spindly, as opposed to the genuine short and bold.
Guangdong province is where the city of Canton - now Guangzhou is. For a large sized city in a populous province it really is a beautiful city with lots to see and do - and a few coin shops even.
Regarding coin shops in Guangzhou, I'll bet if you could make arrangements to ship BU 1964 Kennedy 50c to those dealers, you could get some really spectacular trades. I might try. If the Kennedy is lost or stolen, your risk factor is still only in the $12 range, even including postage ($2.36).