Very interesting! Notice on the reverse that St. George is slaying, not a dragon but a lion, and the legend is "By trampling on liberty I lost the reigns." Rather an odd type for a coronation medal! A quick Google search on the phrase "By trampling on liberty I lost the reigns" reveals that this inscription, and a similar design of horseman fighting lions, was used on satirical tokens in 1831 when the unpopular Duke of Wellington was replaced as Prime Minister, with help from King William IV. The same reverse was reused on memorial tokens upon William IV's death in 1837. But why it would then be reused on a coronation piece for Victoria is not clear. Hopefully some specialist can clear this up.
"I lost the reigns..." It actually says, "I lost the reins," a real comedian, and nothing issued by the Royal Mint, of course. I wouldn't be surprised if this isn't a fairly valuable piece.
I'm confused with the political reference on a medal issued early in the reign of Victoria - she was a quite popular monarch from the beginning until a brief flashup of republicanism in the 1870s when some thought she carried on the mourning of Prince Albert a bit too long after his demise in 1861.
Re: "Reigns" vs. "reins": I'm not sure whether that was an error by spellcheck, or if it was my own brain misfiring. I suspect that this token is an accidental muling of the Victoria coronation obverse with an older satirical reverse, since the political reference makes no sense for Victoria.
That analysis seems very plausible. Or perhaps an intended pun. Note that the horse's reins are indeed flying around loose. From the Germans' point of view, Victoria's coronation was a mild setback, after several short-lived overbearing Hanoverian kings.
This is why I think it could be a gem - counter tokens issued in very small quantities, with lots of die variations. A good source would be the coin curator in one of the big British museums, or perhaps there are organizations for token collectors, just like in the US.
