It's a modern reproduction of a Chinese "cash" coin of emperor Kangxi, who ruled 1654-1722. Kangxi was the longest-ruling emperor of the Qing dynasty, equalled by his grandson Qianlong, who abdicated out of respect. His coins were (and are) very common, but popular because his reign was associated with longevity and prosperity; finding one was considered good luck. His coins are still in demand today, although genuine examples are so common they are worth 50 cents or less.
The dead giveaway is the raised dots on the coin; real coins were cast in molds, and the fields of the coin were rough while the characters and rim were polished smooth. Adding the dots is a cheap and lazy way to add the same effect but strike the coins in a machine.
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