A different metal but ...
http://www.historicalartmedals.com/MEDAL%20WEB%20ENTRIES/RUSSIA/M.K.-VICTORY%20AT%20GRONHAMM-BW419%20HIGH.htm
References: Sm 208a; Reichel 1383 var; Iversen 53/1; Diakov I, 189/56.9; Weiss BW419
Obverse: Bust of Peter I (r): Legend in Cyrillic translated as
"By the Grace of God, Peter the First, Tsar and Autocrat of All Russia"
Reverse: View of ships at battle: Legend in Cyrillic translated as
"Diligence and Bravery are Superior to Strength"
Exergue: Legend in Cyrillic "At Grengam. 1720, July 27th Day" and signed: M. K.
[Translations]
По милости Божьей, Петр Первый, Царь и Автократ Всея Руси
Уверенность и храбрость превосходят силы
В Гренгаме. 1720, 27 июля
So
maybe your metal version is Diakov I, 189/56.8 or similar.
Also found this page which has same (copper) metal as that one, plus Russian lettering ...
https://www.numisbids.com/n.php?p=lot&sid=2185&lot=1030
Взятие четырех шведских фрегатов около острова Гренгам, 27 июля 1720
Taking of four Swedish frigates near the island of Grengam, July 27, 1720
Not sure how much of that description is actual lettering on the medal.