Welcome to the site, interesting piece.
Judging by the tiny size (MTTs are crownsize), and the obvious non-Maria Theresia resembling bust of Franz Joseph I on the obverse, I wouldn't call it a counterfeit... maybe a souvenir?
I found this similar medallion modelled after a MTT's reverse, but with a younger bust of FJ1 on the obverse:
http://www.franz-josef.cz/en/medal-with-a-portrait-of-franz-joseph-right-side-of-maria-theresa-thaler-1780.html
Similar thread:
https://en.numista.com/forum/topic6598.html
It was likely made in the first decade and half of the 20th century. For value, I'd say silver value (if it is in silver), and whatever a buyer will pay for it.