It is struck just like a coin with enamel embellishment. Maybe I should just cut into it and find out for sure. The hole is not original to the piece, it damaged the enamel. The coin is dated 1910. It looks more like coin jewelry., ie., real coins that were cut or modified in some way to create a jewelry piece. There is also jewelry that is made of fake coins. This looks like a real coin that was enamelled for some reason. Just don't want to get rid of it as junk jewelry if it could be gold.