The lack of any denomination or legend in any language, make it either a very ancient coin, or a token. Since it doesn't have the "look or feel" of any ancients I have seen, my vote would be token. I'd also guess, from the condition of the metal, that it's a metal detector find. (I don't think it's an advertising token for Volkswagen because the overlapping "V" and "W" aren't the right shape. )
