Iran (Persia) - Coin Or Token?

It's not a coin. The reverse script is extremely stylized, garbled to the point of being untranslatable. Given the French language on the obverse, I would assume it's a game token; I have seen several similar tokens naming other (European) monarchs in "wrong" languages (such as the French emperor, in English, or the Russian Tsar, in German), used as card game counters.

Those other tokens depict rulers who reigned in the late 1800s (such as Napoleon III of France) but I'm unable to identify the specific Shah depicted here; I would have presumed it's one of the ones from the mid-1800s to early 1900s, most likely Naser al-Din Shah Qajar, who was the first Iranian monarch to visit Europe. However, I can't make his name (or any other Qajar Shah's name from that time period) fit the initials given, which seem to be "M.I.".