Imitation 1/2 Guinea - Or Something Else?

First of all, welcome to the forum!
I agree that it looks like an imitation half-guinea, all the design, minus the braid around the rim. The kings effigy is quite crude, I doubt it could fool anybody in the believing it was a real thing. So, I can't really say what the purpose of this thing was, but it does look like it's a contemporary imitation.
The "alphabet soup" was reproduced very diligently, "M.B.F.ET.H.REX.F.D.B.ET.L.D.S.R.I.A.T.ET.E", which stands for "King of Great Britain, France and Ireland,Defender of the Faith,Duke of Brunswick and Lueneburg, Arch-Treasurer and Elector of the Holy Roman Empire".

Silver Girl: Welcome to the CCF!

I prefer your 'alphabet soup' idea. No wonder you can't find that sort of legend these days. I seriously doubt that most people who saw the original coin, with the education they had, had any idea what that gobbledygook meant.

German coins had a lot of this type of verbose and abbreviated legend.

I think that the duke or whoever it may concern got about a buck fifty for each of his titles!

I certainly knew what all those abbreviations meant, because I have a book reference, but what about the general population of 1800? I bet the average citizen with the average education of the time, did not have much of an idea of what the legend meant.

Without a reference, I will readily admit that I would not have had much of a clue myself.