Need assistance on possible hammered coin ID

Bill D. (VA)

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SE Virginia
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F75 SE (land); CZ-21 (saltwater)
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Not getting any response on the Today's Finds forum so thought I'd try here.

My friend Sanddigger and I hit one of our old sites yesterday that has given up a pile of 1600s artifacts including probably 15-20 colonial silver coins over the last 10+ years. I wanted to run my new F75SE with the small coil in FA mode through the heavy iron patch to see what might turn up. I'll post my finds separately, but wanted to get some help on a possible early coin that Ina dug in a random spot away from the iron. When I first saw it I thought for sure it was a cut hammered coin, but upon closer inspection I could see that both sides appeared to be a skin overlayed on the outside of the disk. That certainly didn't look like a silver coin to me, but the markings look right although I can't seem to make out enough detail to make any kind of ID. The coin is about 17mm in diameter which is about the size of an Elizabeth half groat, but guess it could be later. I'm also wondering if this is some kind of counterfeit or token. Anyway, I'm unable to decipher this mystery item and was hoping Cru or someone else could help. Please click on the thumbnails to get a better view.
 

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