I have had this piece for a very long time and have long suspected that it is a counterfeit because of the weakness on the reverse. Note that a piece of St. George's belly is hanging in mid air and that there are missing or weak details below the horse. I think that the piece is made of gold. It is die struck and crisp is some ways, but the design weakness is concerning. Here is a genuine, certified piece, although not the same year, for a comparison
I have read that counterfeiters made full weight pieces in gold back in the day for commerce. They were accepted in trade because they were needed because not enough of the real thing was available. Is this accurate?
Now I'm not so sure. In the original image it looked like the coin had lots of "tool marks" from the rim into the field. Still looks like some near the "GE" of "George."
Excellent point. The weakness is all in the shallow parts of the die where lapping would have had the most effect. Interestingly, the weakness is only in the center of the reverse while other shallow parts of the design have not been affected. Just speculating now but if the lapping had been performed on the edge of a wheel and an inexperienced person was doing the job, then they could have held the center of the die against the wheel periphery for too long and/or with too much pressure while not affecting the outer margins of the die.