It's called a barbarous radiate, dating from about the 270s. What happened was the antoninianus (double denarius) became so small and debased that it lost all intrinsic value. Constant war interrupted the money supply, so the local village blacksmiths started making their own, to varying degrees of skill and literacy. They are popular but impossible to collect because of the sheer variety. Some could pass as official pieces; others like yours were just tokens to use when real coins weren't available.
Most of this type of barbarous radiate get attributed to Tetricus I, but you can't really tell unless some of the legend survives (which itself is usually blundered). The back is probably modelled on Peace (PAX AVG). I reckon it is probably derived from Postumus based on the shape of the bust:
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