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.
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
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.