1st design.
Obverse
満州守備 - Manchuria Defense
記念 - Commemorative
reverse
滿洲國 - Manchukuo
濱江省 - Binjiang Province
呼蘭縣 - Hulan District
宮民同 - Imperial family members/officials and [common] people are together [are equal/the same]
Cased specimen with suspension and intact silvering and...
Reverse
皇紀 - Imperial year
二千五百九十四年 = 2594 = 1934
三月 - March (Empire of Great Manchuria was proclaimed on 1 March 1934 and Puyi became Kangde Emperor).
滿洲帝國政記念 - Manchurian Empire Government Commemorative
騎兵集團 - Cavalry Group
Marked
純 - pure (obviously for 銀純 - pure silver).