Obverse
皇國ノ興廃此ノ一戦ニ在リ- "The Empire's Fate Depends on the Result of this Battle" (At the Battle of Tsushima on May 27, 1905, Admiral Tōgō raised a Z flag on his flagship Mikasa. By prearrangement, this flag flown alone meant, "The Empire's Fate Depends on the Result of this Battle".)
Marked "N inside rhombus".