When I make metal coins (I'm a medievalist) I use pewter. It's advantages are obvious beyond cost...they can be smelted and poured using a bullet ladle (small pot on a stick), using a standard propane tank and one tank will pour a few hundred coins or more.
SOAPSTONE MOLD CASTING
For molds, i'm old school and carve a mold out of soapstone. A dremel works wonders but dental tools,small woodworking chisels and exacto blades will be needed for details. For a simple 2 sided mold without registering it (pegs linking the sides)
MATERIALS
You will need a 3"x3" inch piece of soapstone ($15), a 12"x12" marble tile (to put under the mold when you pour to protect the table) costing about ($3-5) a small bullet ladle or fishing lure/metal miniature ladle, a propane torch ($12) and some leather gloves and safety goggles ($15). To carve you can use almost anything.
a. I just put some paint on a thin foam wafer the size of the coin.
b. Using two flat 3"x3" square soapstones, match them up and put a marker line to mark where the sides will line up and then place the slightly wet wafer in the center.
c.Clamp for a second then remove wafer. You now have the front and back of the mold spaced and marked for carving. Carve outdoors as the powder has some trace asbestos.
d. Carve your coin, watching for undercuts that will trap a coin after its poured. Carve a funnel like channel for the metal to be poured.
e. Before you pour in stone you MUST use your torch to fully heat the mold and evaporate the water in it. You will see the moisture clear. A hot mold pours best, as long as it's not to hot to hold with your glove (below)
f. Use a heavy leather glove (welding works if soft enough) and hold your mold as you pour your pewter. Stop when it comes to the top and it will take a few seconds to cool before dropping from the mold, let them sit a few minutes to fully cool.
Your mold should get up to 3000 pours but a 1000 is average before degradation begins or an outright breakage depending on carving and quality of stone.
I prefer a medium hard stone, either the pink-tan Canadian or slightly harder green stones from south america. Keep in mind I'm not covering safety or minor details and if you try soapstone casting you need to look up on it but it is the simplest and cheapest method as long as you have carving skills. a good method to measure the depth of the coin for eveness is to use a penny or a dime. Incarve on one side with deeper carving, and with other side just carve the details on the flat.
Coloring the metal. If your interested I've chemically altered the color of pewter using some products that I can expand on if your interested in this method.