I agree about this originally being a coin of, probably,
Alexander III.
You might want to rotate your "
obverse" image about 90 degrees
counter-clockwise.
At the moment, the eye and nose may been discernible near the
edge of the
flan at 6h, "looking" downwards (for now).
A also expect that the "
reverse" is rotated correctly, with the club
at the top and the bow and bowcase at the bottom.
I seem to be able to read a couple of the letters of the fragmentary
legend: ..AΝΔΡ.. from about the centre of the coin towards and then
beyond the right edge (around 2h - 3h).
If you are able to verify any of that, or perhaps determine anything
extra, then you will confirm this fascinating hypothesis.
Walter
Holt