Horseman advancing right, holding a spear, letters "ΓP" below / Inscription in 5 lines "TSAR I / VELIKIY/KNYAZ IB/AN VSEYA/RUSY" ("Tsar and Grand Duke Ivan of all Russia"). 17mmx13mm, 0.66 grams. Pskov mint. Griszin #79; Russian Wire Coins #79.
This is a full kopeck (not a denga), struck on a very large flan, showing the entire reverse inscription. The coin was minted in Pskov in or slightly after 1547.
The infamous Ivan "the Terrible" was the Grand Duke of Russia between 1533 and 1547. In 1547 he assumed the supreme title of "Tsar" ("Caesar") and ruled as such until his death in 1547.