Huh. Now that's a weird looking thing.
I can confidently say this is not a genuine piece from Swedish Livonia--I am thinking a counterfeit. Beneath the cross, there are some crude crossed keys, making the overall design similar to the solidus pieces from the Swedish occupation of Riga. With that being said, the monogram on the other side is just plain wrong, and the surrounding legend appears to be nonsensical.
The closest match in Livonia is this one, which is what I believe this piece is trying to imitate:
https://en.numista.com/catalogue/pieces31474.html.
With that being said, there is a date-line dedicated to the "17th century forgeries" that were struck in Suceava. If your piece is a counterfeit, it does
not look like the types that line is meant for. The pieces struck at Suceava vary in their crudeness, but even the crudest ones do not look like your piece (link:
https://www.numisbids.com/n.php?p=sale&sid=1881&cid=49526).