This type of medal was issued over the years in many different types. All are privately made souvenirs for private purchase. The illustrated example is in near mint condition. They were issued for maneuvers, parades and war games of which there were several per year from 1872 -WWI.
This medal is Bavarian for the 1902 Bavarian Maneuvers. Luitpold was the Bavarian Prince Regent ruling for King Otto who was confined to a padded cell in Denmark at that time.
Thank you for the info RetiredKper. Its an interesting piece. I disregarded it at first because it felt like a cheap plastic medal, but then when I looked closer, it was clear that it was nicely made.
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