Orelska palanka was a subdivision of the (later) Zaporizhian Sich, with its capital at Pereshchepyne. I have no idea if the seal is authentic. In this condition, I'd guess it more likely is, but I don't know anything about those so I can't tell how rare they actually are.
The lettering translates to "Orelska palanka regiment seal" on the front (in Russian, AFAICT) and "year 1768" on the back (in Ukrainian - Russian uses a different word for "year").
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