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The Queen still has elements of a what was once an ultra heavy cameo (deep cameo) finish and the rim edges are square. I concur with Pokermandude, that is a proof struck coin. Not only is it silver, but it is .925 silver.
I disagree. With the information given us, and the photo, it is not a guess. Any coin dealer out there will give you "melt" value for that coin. Good eye, and good find.
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Not magnetic eh? Yep, it's a sterling silver [.925] proof, very lucky of you.
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Sure looks like it came from a proof set to me. Circulation strikes and even proof-like strikes don't have that cameo contrast.
According to my Charlton guide, the Proof sets starting in 1996 were made of sterling silver for all coins except the penny. I'd say yours is one of these. Nice grab. Don't mind the naysayers.
Thanks you guys!