Almost certainly not a medal with such mushy details. Not to mention the loop at the top... my guess is you have a piece of a post WWI-era sewing kit. They made these little things to help thread needles (I think... I'm not much of an expert on sewing) and quite frequently modeled them after coins or medals for the sake of novelty. I had a few at one point that were modeled after old-style British large pennies, but smaller than a (US) cent and made of plastic. Yours is probably iron or some other base metal.