At best, the beads being shown are probably champlevé.

Meaning, the "coins" are stamped and enameled, and fused-together to make spherical beads.

Champlevé is routinely misidentified as "cloisonné" by many many people. Over the previous year I have written to uncounted numbers of sellers at eBay and Etsy to explain this issue, with their merchandise.

J.

P.S.—It's a very nice piece. I'd like to believe it's authentic, and not a clever put-together object. But I'm not convinced it is.