Obv: Hibernia seated with harp, FOR THE PUBLICK GOOD around, 1792 below. Rev: A cypher I M Co., MAY IRELAND EVER FLOURISH around. Edge: Plain.
Good. This die variety is listed as Drogheda 4bis in the addendum in Dalton & Hamer, p. 547. Note the distinctive obverse die flaw at upper left. Extremely Rare (RRR).
The entire Drogheda series were probably struck as specious tokens for sale to collectors and probably struck sometime after 1804. I M Co. Probably stands for the Irish Mine Company. This series is almost always found in poor condition.