I won a small lot of replica ancient coins, this was in there, and it was the only one NOT stamped "copy". It looked like silver, and when I got it home, it tests positive for silver at least 800 fine. It's even toned like a silver coin. So it's either a real ancient coin, which I doubt, or a modern fake..but I though most modern fakes were made of pot metal.
I would make sense to fake this coin in silver. 3-5 dollars of silver made to look like 3-5 thousand dollar ancient coin. It is a replica of a Jewish shekel.
Looks like a cast replica to me - the devices are soft at the edges, even though it has a convincing relief. Also, the flan is just too uniformly round, and on the second pic, there appears to be a seam on the edge. It imitates a shekel of the the First Jewish War period, 66-68 AD.
Tim, post it at forumancientcoins.com - there are some real experts in Judaean coinage there. I am not one of those.
There is no silver ancient coin which has a value greatly dependent on its metal value. Considering the number of people who know nothing about coins that would take a coin to a jeweler and take comfort in it being silver, this would seem a worthwhile investment. Many fake coins we see sold as real started out as replicas or jewelry pieces with no claim to being real. There was a time that people interested in making a deceptive fake of a rare coin would get their metal from a similar common ancient coin so the trace elements would be closer to exact. This one is not deceptive style but may be old enough that the silver in it was considered to be a quarter's worth. Fakes made of pot metal are more often gift shop replicas not intended by the maker as something to fool you. Compare at $4 in tin: http://www.antiquanova.com/First-revolt-HalfShekel-Judea-66-70-AD-tin-replica-coin-d101.htm This company does not mark their tin copies but puts a company mark on their real silver items. I guess they figure that no one would be fooled by the tin ones. If you were thinking about making jewelry out of an ancient coin, the silver ones would wear better but the style would still be wrong if you have studied the subject at all.