We'd all need more to go on, like diameter, weight, etc., but having seen quite a few medallets like it over the years I'm going to go out on a limb and guess that it's either brass or a bronze/copper piece.
My next guess is that it's approximately the size of a shilling (25mm) or maybe a shade larger.
If all that's accurate and if you were to list it on ebay, it might bring £3-4 in that condition (pretty harshly cleaned, plus corrosion). They come into view frequently enough -- and are therefore affordable enough -- that most bidders would probably hold out for a higher grade.
Just my tuppence worth...
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