1934 Manchukuo Cavalry Group Commemorative Watch Fob/1934年騎兵集團滿洲帝國政記念章

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).

 

Another example.