Сommemorative medal from Cao Kun/曹锟敬赠纪紀章

Silver, enamel.
Awarded somewhere around 1923.

Obverse

紀念 - Commemorative

曹锟敬赠 - Gift from Cao Kun https://en.wikipedia.org/wiki/Cao_Kun

 

Reverse marked

富利制造 - made by Fù lì.

 

Most likely original ribbon was in colors of national republican flag.