medal?

Appears to be Romanian if that helps?

Indeed Romanian; probably a medal or token imitating an old Austrian 20 kreutzer coin, like this one:
https://www.olx.ro/oferta/20-fise-de-joc-1924-iubeste-ti-dumnezeul-regele-si-tara-IDa9HWR.html

Yours uses the Wallachian eagle instead of imitating the Habsburg one, and has a bust of King Ferdinand I of Romania instead of trying to imitate that of Franz I. Given all that and the legend "Iubeşte tį dumnezeul regele si tara", possibly a patriotic token?

could be exonumia?

is written ~INREGISTRAT`.. .. reproduce?

It is indeed Romanian, a silver-plated game token from 1922.

20 Fise de Jog (joc in contemporary language), literally translates to 20 chips/coins for play.

Here is another variation, dated 1924: https://apollo-frankfurt.akamaized.net/v1/files/psn4xnyeztws3-RO/image;s=1000x700