Two designs of such watch fobs are known today.
1st design.
See also https://asiamedals.info/threads/russo-japanese-war-victory-commemorative-watch-fob-with-marks-star-and-crescent-and-n-inside-rhombus.27108/
Obverse
戰捷記念 - Victory Commemorative
明治丗七年 - 1904
Reverse marked with "star...
Reverse is marked with "star and crescent" maker's mark of Kawai workshop in Tokyo. See also https://asiamedals.info/threads/russo-japanese-war-victory-commemorative-watch-fobs-with-marks-star-and-crescent-and-n-in-rhombus.24681/.
Obverse reads
帝国在郷軍人會 - Imperial Military Reservist...
badge madebykawaiworkshoptokyo
imperial military association special badge
japanese reservist association badge
kawaiworkshoptokyo
mark star and crescent
medalmadebykawaiworkshoptokyo
nakagawa village branch of association badge
帝国在 郷軍人會章
帝国在郷軍人会バッジ
帝国在郷軍人會中川村分會特別會員之章