I believe it reads, "I promise to abstain from all intoxicating drinks and beverages". I believe it's an old AA coin. Never seen one like that before. That's neat being 11 years in the program ram myself. Cool find! Probably not as cool to you. ;-).
Regarding the medal - a very cool find but I also can't stop myself thinking in what scenario it was lost. I keep picturing in my mind a bloke having an absolute bender and tossing his pledge token as far as he can!