It is a copper half-rupee from Bhutan, 1800s-early 1900s. Also known as a "deb". Grade, very loosely VF - it's hammered, not machine-struck, so grading is more hit-and-miss, and things like "how well centred it is" matter more when assigning a value than simple wear.
As for value, they seem to be going for around $5. I have one I bought off a local dealer for a dollar back in 1999. They're very common - this guy from Russia had five of 'em.
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