It's a milled coin. Not necessarily are fake as in a counterfeit to be passed on as a real coin of that period. Most probably a charm or souvenir.
Definitely a modern fantasy piece. The pebbly surface is not found on genuine cash, and the script style is odd, very narrow line that doesn't look like normal cash pieces. (Original cash were indeed cast, but the surface does't get these isolated pebbles that many modern copies have.)
I see a ton of people selling the fantasy pieces when I go down to Boston, real ones are pretty distinct. Still pretty cool, apparently they bring good luck! One of my father's co-workers from China once gave my dad a handknit wool charm with a nearly 1000 year old cash coin woven in that he got in China. I also have a huge collection of cash coins dating from around 900AD-1900AD, half of them are medieval, the rest are 1600's-1900. They are very fascinating coins, and fun to research.