Obverse
優勝 - Winner
reverse
第二十一回軍旗拝受記念 - 21st Anniversary of Regimental Flag Reception Commemorative
歩六八 - 68th Infantry Regiment
Since 68th was formed in 1907
https://ja.wikipedia.org/wiki/%E6%AD%A9%E5%85%B5%E7%AC%AC68%E9%80%A3%E9%9A%8A,
this watch fob was issued in 1928.
