I havent assayed one of these puppy's yet. But, being non magnetic and Being Chinese it is most likely a Nickel Silver core (Tibetan silver, German silver, etc) and then silver plate. German Silver is cool, you can cut it, and / or drill it, and it still looks like silver inside. Even though it contains at best trace Ag. Its a non magnetic alloy and weighs nearly the same as silver, it has both high thermal and electrical conductance to hide its true self. The alloy was developed in the late 1800's in German foundries. Copper, tin and the nickel to whiten Copper. It looks like sterling really. And, is a great substitute as well as its high thermo and electrical property's to fool people even more into thinking its silver and a high wear rate. White copper is another name. No wonder they use it so much.
The round is also 40mm across? a real silver round would be 2mm +/- smaller for the same weight.
Its still an attractive coloured round for the 2012 year of the Dragon and their are variations on it. so worth at least putting away till nickel prices go bananas? or resold at a modest profit now