It's a modern, non-gold fake of a California fractional gold coin.
Genuine fractional gold will always have either the word
Dollars,
Dol.,
Doll., or
Cents. Some are round; others, octagonal. The obverse is usually either a Liberty or an Indian, although there are some with Washington. Denominations included 1/4, 1/2, and 1 dollar.
Here are a couple of other fakes, as listed on eBay:
http://cgi.ebay.com/2-FAKE-FRACTIONAL-CALIFORNIA-NOT-GOLD_W0QQitemZ8398167057
For more info, search for "California fractional" on Google.
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