Gilt-colored coin-style token bearing an effigy consistent with Queen Elizabeth II

This object appears to be a small, circular metallic token or medalet with a yellowish, gilt-like finish. The obverse features a profile bust facing right, which is stylistically consistent with the portrait of a young Queen Elizabeth II as designed by Mary Gillick. Around the perimeter is a circumscription in capital letters that appears to read 'QUEEN ELIZABETH THE SECOND +'. The finish is highly reflective and exhibits a granular, pebbled texture across the fields, which may suggest a casting process or a decorative token rather than legal tender currency issued by a government mint. A significant condition issue is visible at the three o'clock position on the edge, where a rough protrusion or break in the metal suggests the possible remains of a solder point or a broken integral loop, indicating this may have once functioned as a charm, pendant, or part of a piece of costume jewelry. There is visible wear on the high points of the relief and some darkening in the recessed areas. Without physical testing of the weight and material composition, it is impossible to determine the base metal or the age, though the design is stylistically representative of mid-to-late 20th-century commemorative items. The identification is hedged as the lack of a date or denomination suggests it is a decorative or souvenir item rather than a sovereign coin.

Based on the image provided, I have examined this gilt-colored token which bears a likeness consistent with the Mary Gillick portrait of Queen Elizabeth II. From what I can see, the item possesses a granular surface texture and a notable protrusion at the three o'clock position, which suggests it may have been a component of a piece of costume jewelry or a souvenir charm rather than a struck sovereign coin. I cannot verify the base metal or the specific manufacturing method from a photo; a physical inspection would be required to determine if the material is a plated base metal or a precious alloy, though the visible wear and surface pitting are typically representative of decorative bazaar goods or mid-20th-century novelty items. The absence of a date, denomination, or official mint mark further supports the hypothesis that this is a commemorative or decorative medalet. The value estimate is based on the assumption that this is a non-precious metal souvenir item. Because these items were produced in large quantities for the mass market, they generally hold sentimental or modest collector value rather than high numismatic worth. If physical testing were to reveal a high-carat gold composition, the value would increase significantly based on the current spot price of the metal; conversely, if the item is confirmed as a common brass or lead-tin alloy casting, the value would remain at the lower end of the provided range. To confirm the identity and material, I would recommend a density test and an in-person examination by a specialist in exonumia to verify the production origins.