Obverse
二府 - Two Urban Prefectures (Osaka and Kyoto)
十十縣 - 20 prefectures
帝國義勇艦隊 - Imperial Volunteer Fleet
聯合大會 - Joint Meeting
紀念 - Commemorative
Reverse
用日露海戦利品造之 - Made From Russo-Japanese Naval Battle (i.e. Tsushima Battle) War Booty (i.e. from captured Russian metal)
明治四十年 - 1907
四月 - April
Original case.
Badges were manufactured by the Gyokuhō workshop.
At the bottom of the case
東京 玉宝堂 謹製 - made by Gyokuhō workshop in Tokyo https://asiamedals.info/threads/badges-and-watch-fobs-made-by-gyokuho-workshop.27616/
二府 - Two Urban Prefectures (Osaka and Kyoto) and 十十縣 - 20 prefectures
聯合大會紀念章 - Joint Meeting Commemorative Badge
帝國海事協會 - Imperial Marine Association