Looks German. The date is not 1555 though. I believe that is what the token/medal is commemorating. If you look on the other side below the 3rd line of text, there appears to be a faint 18__, which leads me to believe your token/medal was minted possibly 1855? 300th anniversary of something? Just a guess at the moment.
Thanks - good catch. Now that I look at it under the light and at an angle, I can definitely make out 18xx. But I can't find any pieces with the two men facing each other on the obverse.
The obverse says “Moritz und August Kurfürsten von Sachsen”. Maurice and August Prince-Electors of Saxony.
What you have there is an 1855 commemorative of the 300th anniversary of the Peace of Augsburg (protestant/ Catholic truce that didn't last). Yes, Saxon. Here is a catalog description from Opitz (in German):
