Neat,
It's real enough, but not a real coin. These things fall into the grouping of "numismatic charms"... produced in imitation of cash coins, but with characters you wouldn't find on actual currency. We need Yang Hao or another Chinese-speaker to tell us what it actually says.
Yours has a stylised phoenix and dragon reverse, which you also wouldn't find on a coin of this type. The dragon symbolises man or male and the phoenix symbolises woman of female. Together, they represent a harmonious union, so these charms were often for weddings or just symbolised balance in a feng shui sense.
Difficult to say how old it is, but the styling suggest it's not ancient