See also https://asiamedals.info/threads/44th-battle-flag-festival-of-4th-imperial-guards-regiment-commemorative-award-watch-fob.26111/
Obverse
昭和十一年五月二十四日 - May 24, 1936
軍旗拜受五十周年記念 - Commemorating the 50th Anniversary of Receiving [Acceptance] the Military Standard
近衛歩兵第四聯隊 - 4th Guards...
4th guards infantry regiment commemorativemedal
battle flag association badge
battle flag praise association badge
japanese army table medalreceivingregimentalbannercommemorativemedal
軍旗林受五十周年記念章
近衛歩兵第四聯隊記念章
近衛歩兵第四聯隊軍旗林受五十周年記念章