Counterfeit Or Not?

I don't think that this piece is best described as a counterfeit or fake, but more accurately described as a 'fantasy'.

I have a reference;
'Illustrated Catalogue of Chinese Gold and Silver Coins' by Lin Gwo Ming, ed. by Ma Tak Wo, publ. Taisei Stamps & Coins(HK) Ltd.
Most of the text is in Chinese, but it is very helpful in English as well.

Over 1,000 genuine gold and silver Chinese coin types are illustrated covering the period 1890 to 1990. I could not find this obverse and reverse design type combination.

There are some quite rare gold and silver coins of this period that can bring astronomical prices at auction for genuine examples, amongst some of the more newly wealthy Chinese collectors.

Amongst experienced Chinese collectors, because of the impossible die combination, this coin would be easily seen by them as a fantasy, and so would not be illegal in China, because there is no intent to deceive.

Easy enough to export them, and get some extra money in from outside China.

The silver purity could be anything, from very high to almost nothing, with a silver covering.

How much does it weigh, and what is it's diameter?

Perhaps something of it's background may help. Where did you get it from?

I don't think Chinese minted coins ever depict dragons with wings.

thai-vic: thanks for the pictures.

OK as a curio, bought at the right price, as you have. Gives a little information about the Emperors, and a bit of an idea for you with the fabric of these pieces, to be able to spot fakes of similar fabric.