The Japanese inscription says "pegasasu". Since the other side shows a Pegasus, I expect it is some sort of gaming token for a Japanese arcade or manufacturer called Pegasus. That's where I'd start searching, anyway.
@Hector Roa It is a fantasy arcade token. Not made for normal monetary circulation. There are hundreds of different versions that were made in Japan. You won't find them all listed on the internet because there are so many. They are like the Chuck e cheese tokens here in the USA. I have seen them at vintage video game shops.
As others have said, it's not a monetary issue, but likely a collector's token or a Pachinko token of some kind. The "ペガサス" on the reverse is in the katakana Japanese alphabet and reads "pegasasu," which, since the "u" in "su" often gets swallowed (i.e., not pronounced), the pronunciation pretty much equals "Pegasus" with a Japanese accent. I'm also not finding much on the internet in Japanese or English on this coin yet, but I may look more when I have time.
(Oops- accidental post. I was rereading this thread in one tab and replying to another thread in a different tab, so guess what happened)
