帝国在郷軍人會勅諭下賜五十年記念章

In silver. Obverse 表彰 - Commendation Reverse 勅諭下賜五十年記念 - 50th Anniversary of [Emperor Meiji] Rescript to Soldiers and Sailors (i.e. the badge was issued in 1932 https://en.wikipedia.org/wiki/Imperial_Rescript_to_Soldiers_and_Sailors) 帝国在郷軍人會 - Imperial Military Reservist Association...