It's a boy riding a Chinese "unicorn" (
qilin).
The theme of this medal is "the qilin delivers boys" (
qilin song zi).
The ancient Chinese believed that a child delivered by a
qilin was destined to be successful later in life as a high official in the government.
The
qilin is sometimes referred to as the "Chinese unicorn" although it actually has two horns.
The boy is holding a
lotus branch in his right hand. There is a "
flaming pearl" above his head and a
lock charm hangs from a chain around his neck.
The vertical antler-like objects at his right and left are
coral branches.
The
qilin is shown walking on
auspicious clouds.
The inscription on the other side of the medal translates as "may your good fortune be according to your wishes" (
ji xiang ru yi).
On each side of the inscription is a very stylized
dragon with the head facing outwards toward the rim.
If interested, I describe in more depth an old Chinese charm with the same theme at
Chinese Pendant Charms.
The medal does not appear to me to be "old". If there is no Chinese on the box or any accompanying literature then there is no way of knowing when or where the medal might have been made.
Gary