Look at the mint mark underneath the horse's right rear hoof.
MintmarkCountry
S.A. South Africa
M Australia (Melbourn)
P Australia (Perth)
S Australia (Sydney)
The United Kingdom also had the same coin, but it was only minted from 1911 until 1925. The UK coin had no mint mark.
Canada minted the coin from 1911 until 1919.
India minted the coin in 1918 with mint mark "I".
Quote: Richard 2I don't like the look of that lump of crud on both sides of the rim, are you sure its not a fake?
Richard
Could be welding joints. It looks as if it was forged into jewelry once and then 'forged out' again. In that case price = bullion value (unless it is a 1926S), and I would take it to the nearest jeweler to verify if it actually is gold.
The images are too vague to determine succesfully whether it is a fake or not.