I too am suspicious about this coin. There are a number of things that do not match. The lion design was used on Norwegian coins until the 18th century and at that time the country's name on coins was written as NOR (for latin NORVIE, on occasion the complete latin name was spelled out). The Norwegian name of the country, NORGE, which I think I can read at 7-9 o'clock on the lion side, was not used on coins until the 19th century.
Also, the letters are sans serif, a style of lettering that came around 1900 and on Norwegian coins I don't think it was used until after WWII.
Perhaps this is a beaten up 20th century token of some kind? Maybe the "E M" has something to do with the issuer, although I have no idea what it might stand for.