Please check if the material is silver.
It says that the medal in question is made of silver, but no matter how you look at it, it doesn't look like it's silver, so we need to confirm.
And please give your opinion on whether this is a fake product.
looks like a pewter reproduction, but that does not mean FAKE, as the practice was common in past centuries, to make affordable versions available down market.
Jamais l'or n'a perdu la plus petite occasion de se montrer stupide. -Balzac
It was quite common practice in the 18th century to make the same medal in different metals such as Silver, Bronze and in White Metal (tin)
yours definitely as indicated already before looks like its made of white metal
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Take it to a jeweller, metal-trader or scrap-dealer and ask them to do a XRF-test; whitin a few seconds you wil know the exact metal content untill 2 figures behind the comma.