I've seen one of these before! This is a little dangling token for a woman's dress meant to look like a gold coin. They are used widely throughout the Islamic world and India, almost exclusively for two purposes: belly dancers use them to look pretty and produce a jingling sound, and at weddings they are often used for dress decoration. The hole is from where it used to be fastened unto a dress, belt, veil, or other piece of clothing.
I do not recognize the design used for the side shown in the first image, but the side shown in the second image looks to imitate an Algerian silver budju of the late 19th century. This is a common design to imitate - I've seen another version with a mirror image of that design on the other side of the token.
Being a common piece of exonumia (i.e. a non-coin), its value is essentially zero. A good search term for seeking further information would be 'belly dancer token'.