Fake Or Real? What Is It.

Looks like a modern imitation of a gold tremissis from the visigothic kingdom.

Emerita in the reverse would be the mint. Modern Merida in Spain. Recesvinto would be the king.

The style of the king's depiction is crude and copies more the Toleto coins than the Emerita ones. But it is very off.

I am curious about the origin of this coin.Perhaps a token from one of those medieval fairs for tourists?

For a genuine example of a Visigoth coin with this design, click on this CoinWeek article and scroll down to the section on king Recceswinth.

As for "clues that it's a replica", two stand out to me: first is obviously the metal; judging by the colour your coin isn't even trying to look like it's made of gold. Tremisses of Recceswinth were debased-gold, but they still should look yellowish. Second is the near-perfect roundness, which is essentially never seen on these early mediaeval coins.

As for its reason for existence, I would tend to suspect a museum gift-shop souvenir, rather than a Renaissance fair; Renfair coins tend to have unique designs advertising the fair or the moneyer doing the re-enacting, rather than be direct copies of mediaeval designs.