Japanese Medal, What is it? What does it say?

I'm trying to find info on this medal, it is about the size of a half dollar, and I am told that the gold colored characters are gold, I plan on doing a test to see if the gold is really gold and if the other metal is silver, which I am pretty sure it is. I need help in translating it, and if anyone has seen or knows anything about this piece, I would be very grateful. Thanks