Don't see anything wrong with it, the inscription seems to be "SIGIS.AVG.REx.pol.mAG.DVX.LI" and on the reverse "MonetA.MAGNI.DUCATI.LITV" (The small characters are my guesses.)
Which does tranlate to Sigismund (II) Augustus, King of Poland, Grandduke of Lithuania - Money for the Grandduchy of Lithuania.
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