I would bet this is toned silver. Thai bullet money usually is, but there are some rare gold ones that pop up from time to time too.
I'm not sure the details on the mark. There is a lot of variety in them as the process involved a lot of hand work, so they aren't the most standard. Their minting press didn't come around until about 1860, and most bullet coinage predates that.
Thanks for the info. I doubt it's silver, but it is possible that it's just a low percentage. Also, it seems like the punch marks are rather varied on these and there is no real official catalog system.
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