Watch List notes:

Germany or Netherlands, silver badge, 1711, coin-like design to centre, ruler on horseback rides to r., garbled legend around, dated in ex., MDCCXI, wide border with etched decoration and roped border, 89mm., very fine
The design of the horseman seems to be taken from the Saxony Vicariat talers of Johann Georg (1619) and the later Vicariat taler, 1711 of Friedrich August I.

Estimate: 80 - 120 GBP