Replica Medalet For Indian & Colonial Exhibition?

There's not much interest in counterfeiting 19th c. British exposition medals, except for very rare or valuable pieces, but you never know.

For large-scale events -- coronations, royal births/deaths/jubilees, major expositions, etc. -- there would usually be one or two "official" medal issuers. In the case of coronations and jubilees, e.g., there were often medals issued both nationally and locally (shire, town, village, etc) so for something like Victoria's 50th in 1893 one will find that hundreds of medals were issued ranging from stunning gold and silver artistic masterworks to cheap and tawdry baubles and trinkets hammered out by local enterprising merchants and souvenir-sellers trying to make a quick buck (shilling?)

This was often the case as well, albeit on a smaller scale, for every other exposition and event being held. If there was an event going on, someone somewhere was making souvenir medals and fobs for it, or several someones. You would usually have high-quality medals given to dignitaries, donors, political figures and the like, or available for purchase at (inflated) prices to attendees. For the less well-to-do, since there were no legal cautions against doing so, there were plenty of sellers and "artists" hawking replicas and copies of the actual medals, or creating their own variations on the theme with similar designs or wholly unique designs. The copies were done in less expensive ways: lower quality brass/bronze alloys, tin, lead, pewter (i.e. tin+lead), nickel or "German" silver, pot metal, etc.

So just because you have a medal that's crude or different to others from the same event doesn't mean it's a modern fake -- although it could be -- it's more likely to be a "tourist copy" or souvenir/trinket issued concurrently with the originals, or even an original of lower quality that was never catalogued as such. The quality of the "tourist" or souvenir issues was only as good as the people making them, and most of them were probably not trained artists, engravers, die-sinkers, or medal makers. People wanted ways to commemorate events that were going on in their lives, and so there was an abundant market for affordable souvenirs. Add to that the fact that except for very important or very large events, the cataloguing of medals is very poorly represented, so there are likely lots of issues that aren't listed anywhere at all in books or catalogues of medals.

I can't speak as to your particular medal since you haven't imaged it but for some of these you can go "down the rabbit-hole" with Google and spend hours upon hours searching for the perfect match. Sometimes you do get lucky and someone else has catalogued your precise piece. More often than not, it is poorly documented, if at all. But hunting for it is fun, in its own way.