I can't see any detail so I wouldn't even venture an attributation. It doesn't appear to be solid silver. Perhaps it was plated. Judging by the encrustation, I'd say it was buried less than a century. Possibly some sort of brass, copper, or bronze token.
You might try posting a picture on the "ancient coin forum." There are lots of coin specialist there who also know modern coins.
Link:
http://www.forumancientcoins.com/board/index.phpJust a guess. Have it checked by an expert. Don't attempt to clean it.