I'm pretty sure it's a button whose knob was filed down. Note difference in colour and, therefore, the plating.
I have a button imitating a denarius of Trajan, so that would not be a first.
EDIT: Oops! I see that you knew it was a button! It is worthless because it would certainly not appeal to any button collectors in that condition. Even in perfect condition, I'd be surprised if it were worth very much at all.
Here are
some examples of other "coin buttons". Looking at the prices, some of those sellers live in la-la land.
₱o$₮ag€ $₮am₱$ a₹€ mo₹€ £€₲i₮ima₮€ a$ a ƒo₹m oƒ ¢u₹₹€nc¥ ₮ha₦ ₮h€ €₦₮i₹€ "¢oi₦" ₱₹odu¢₮io₦ oƒ ₦au₹u o₹ ₦iu€. ••• £€$ ₮im฿₹€$-₱o$₮€ $o₦₮ ₱£u$ £é₲i₮im€$ €₦ ₮a₦t qu'o฿j€₮$ mo₦é₮ai₹€$ qu€ £a ₱₹odu¢₮io₦ €₦₮iè₹€ d€ «mo₦₦ai€$» d€ ₦au₹u ou d€ ₦iu€.