Looks like a fantasy. Letters are rude and they are not situated at a line. Most likely the purpose was for gild. I never would add word 'PFENING' anyway.
I believe it's a laufer rechenpfennig, a jeton. Google should be able to find a match. The obverse inscription is wholesale lifted from a UK hammered coin of Charles II
This is a jeton (rechenpfennig) made by Lazarus Gottlieb Lauffer. who worked in Nuremberg from 1663 till his dead in 1709. See description in a catalogue (in German and English) which will be available in the middel of 2014. Freek
497. VS Vs. belorbeertes Brustbild nach rechts ~ laureted bust facing right CAROLVS II D GMAG:BRFRANET HIBERREX Rs. Wappenschilde von England, Schottland, Irland und Frankreich shields of England, Scotland, Ireland and France LAZA:GOTTL:LAVFFERS.RECH PFENING COVNTERSã mm 26 gr messing 2,0
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