This piece has the features described in KM of China, Japanese Puppet States, Meng Chiang Pn1. KM does not price the issue. I have been unable to find a picture on the net.
Following the resounding silence here, there are only two options. Either this is an extreme rarity or it is a modern imitation. In view of the recent increased interest of Chinese collectors in Chinese coins and the very high number of imitations coming out of China I am afraid that the latter option is much more likely.