Is this Barbarossa token used in a boardgame?
As you indicated in the question, there are existing tokens (i.e. coins, possibly as a souvenir) that bears the exact same inscription in your question.

 

Two commenters have already indicated that the token does not appear to be part of a board game. Given the similarity to non-board game tokens and the fact that nobody has been able to identify it as part of a board game in over a year, I'm inclined to say that this is not a board game piece.