Provincial coins, in this case, Estado de Chihuahua, minted during the civil war in Mexico; they are listed in Krause at the end of Mexican Federal coinage, under the heading "Mexico - Revolutionary - Chihuahua." Many provinces minted coins. Yours appears to be KM #613, $2.50 in fine. The images in Krause are not too good, so look at all 7 or 8 varieties, some are rare.
Actually there are about a dozen varieties, for example I have a "VRW A3", which is per this interesting website..... http://www.shieldnickels.net/revmex/Chihuahua/Chihuahua.html Your coin looks the be a F-12 to VF-20. An estimate would be about $8-$12. A better one is seen here, [in the attached image, below] which is also a KM # 613. The one below sold for about $89.00, it is in very good shape, and is very close to your type. But again visit this website, which link was posted sometime ago on another thread.
Doug's quote is from the Krause catalogue as stated, all of the estimates in Krause, for these type coins seem low, to me. There is actually a good market for these coins of the Mexican revolution. And yes, some are quite rare. Check out the going prices and bids on EBAY. Some sellers are selling certain varieties for a nice low price, perhaps they are unawares of the type or variety each is? Pancho Villa, when he made some of his early copper coins, did use telegraph wire for some 5 centavos! Yours may be one, (as it is impossible now to know for sure). At the Mex-American shows one can see many of the revolutionary varieties that exist. It is a nice chore to collect them all, even just the copper/bronze 5 centavos! This kid thinks his are great! Gary in Washington Switzerland, Italy, Mexico, the hunt is on.
I'd probably put that coin at mid-VF details, but the corrosion really hurts it. Assuming its a common variety, a couple of bucks is probably right. But please try to conserve the coin (remove the corrosion) as soon as possible. There are a number of threads around here (just search for them) about how best to do that.
