I'd love to find out what the inscription says. I have seen examples where a date is included in the cartouche (is it a cartouche?), so perhaps it contains that. I'd love if someone could translate.
Per member Motan, who provided comments in another thread about this piece: "There is no evidence it was made for anything but the local market and members of the Arab Legion carried very similar ones at the time. The coin impression is of king Ghazi of Iraq (see link http://www.chiefacoins.com/Database...ies/Ghazi_I.htm