It is a Chinese brothel token.
The obverse side has the Chinese characters
le qin (樂�) at the top. This is the name of the brothel and translates as "The Happy Lute". The "lute" refers to a class of Chinese string instruments including the zither.
The inscription at the bottom is
er bai wen (è´°ä½°æ-‡) which is the denomination "200 cash".
The paper inscription on the reverse side reads
fu xiang san (�祥三) which translates as "Happiness 3". I do not know what this refers to.
The three Chinese characters stamped into the medal read "Li Yong Xing" (�永興). This is the name of the silversmith who made the token.
If you look at
this brothel token, you will see the same characters in the middle of the right image. Li Yong Xing was apparently a popular silversmith for the brothel owners in Shanghai.
My guess is that your token is from old Shanghai and dates to the first half of the 20th century.
I do not know what it may be worth or even if it is authentic.
Gary