I believe this coin is a Japanese Meiji 38 (1905) 1 Yen Silver Coin - if I am correct - "What's it worth?"
Yes you got the year right. It seems that it was cleaned some time ago. If it is in a grade like that, perhaps just around 25USD ish. I hope for your sake that it's a not a counterfeit!
Where do I go from here? How can I tell if it is a counterfeit? Had this coin in my possession since 1952.
If it doesn't closely match the size and weight I posted above, you know it's a fake. If it does, you need to have it examined in hand by someone familiar with the fine details of where the tip of the dragon's tail should cross its back; the calligraphy of the characters, especially the denomination; the details of the scale configuration and the denticles; and the spiral on the pearl in its claws; among other characteristics. I'm probably one of many who can detect some fakes that way, but don't have enough knowledge to certify genuineness. For that you need to find a real expert, or spend the bucks to submit to one of the top tier TPGs even though certification really won't add enough value to pay for the service. Unfortunately that means nothing one way or the other. The first fake Meiji 38's undoubtedly went into circulation in late 1905 or early '06.
