This is a very exciting time for Chinese numismatics (coin collecting). The China market is extremely unstable and it is filled with counterfeits. Nevertheless, serious collectors are putting a lot of effort into understanding these amazing coins and stability will eventually prevail some day.
This coin is a 'fantasy' yuan (dollar) dated 1916, the Bing Chen memorial year. Fantasy coins are not minted for circulation, but for commemorating people and events in history.
There is a good thread on these coins over at CoinCommunity.
As to value, that is way up in the air due to the instability in the Chinese coin market. Coins made of non-precious metal and in poor condition are worth a few US dollars. Precious metal coins that have been authenticated, graded, and encapsulated by numismatic third-party services such as PCGS, NGC, ANACS, and ICG (look them up on the Internet) are worth a bunch of money. The coin in our picture was sold by Stack's Bowers for a whopping $2200 US dollars. Wow!
If your coin is in good condition, you would be wise to submit it to PCGS, NGC, ANACS, or ICG. You will be settling the issue of value for your coin, and you will be adding stability to Chinese numismatics. Thanks for your contribution!
CoinQuest thanks Stack's Bowers for use of their coin photo.