Each side bears the portrait of a saint, and the lettering probably gives the name, though it is tough to make it out in the dark photos. The top photo appears to bear the name St. Francis (starting at 5:00 and running clockwise)?
The bottom photo I cannot make out the lettering. Maybe St. Ignatius, which would make this a medal related to the Jesuits.
There are many coins (especially Papal States/Vatican) bearing saints images, but normally there is also some indication of an issuing authority (a king, pope, duke...or a country name). This item has none of those as best I can tell.
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