This is a piece of German spielgeld, or play money. These tokens are used in games and as counters. Collectors sometimes buy them for a few US dollars, although older pieces that are well preserved can command higher value.
Please go to our general page on spielgeld [PRESS HERE] for links to spielgeld sites.
Catalog values for Wilhelm II spielgeld (all denominations) run like this:
worn: less than $1 US dollar approximate catalog value
average circulated: $1
well preserved: $3
fully uncirculated: $8