Badge of 1st type.
Obverse
記念 - Commemorative
Z Flag https://asiamedals.info/threads/mikasa-preservation-society-badges-z-flag-badges-z.25258/
昭和五年 - 1930
reverse
海と空の博覧會 - Sea and Sky Expo
日本海々戰二十五周年記念 - The 25th anniversary of the Naval Battle of Sea of Japan /Battle of...
1930 japanese expobadge1930seaandskyexpobadge
25th anniversary of the battle of tsushima badge
asada workshop
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海と空の博覧會日本海々戰二十五周年記念章
海と空の博覧會章