Note the Russian naval ensign, also known as St. Andrew's flag, in the water.
Reverse
明治三十七八年 - 1904-1905
旅順陷落 - Lushun /Port Arthur/ Fall
記念章 - Commemorative Badge
1904-1905 lushun fall commemorative medal
1904-1905 lushun fall commemorative watchfob
1904-1905 port arthur fall commemorative badge
1904-1905 port arthur fall commemorative medal
1904-1905 port arthur fall commemorative watchfobjapaneserusso-japanesewarwatchfob
明治三十七八年旅順陷落記念章
Obverse
征露- Attacking [Conquer; Subjugate] Russia
祝捷記念 - Victory Celebration Commemorative
reverse
明治三十七八年役 - 1904-1905 War
Marked with a silver hallmark and maker's mark "M inside the circle".
1904-1905 war russia conquest victory watchfob
1904-1905年役征露祝捷記念章
japaneserusso-japanesewar badge
japaneserusso-japanesewar medal
japaneserusso-japanesewarwatchfob
明治三十七八年役征露祝捷記念章