You are looking at a Splendid Silver Antique Fob Medal or Medallion For a Fob Watch Chain or chatelaine chain
Beautifully made in a round shape with turquoise enamel lettering and  to the centre.
The front has 1908 NML
By the shape I thought it might be maritime, but Google's best guess is National Museums Liverpool, so may be a visit souvenir.

It is Hallmarked to the back V&S, Anchor, Lion Passant, n. Which I believe is Vaughton & Sons Birmingham 1887

Measuring approx just over 1"(2.8cm) high to the top of the bale x just over 0.75"(2.1cm) wide max 
In good condition with minor dimples scuffs and marks consistent with age and may need a final polish

Please study the photos as they are part of the description.

A splendid unusual medal, perfect to add to your collection, wear for special occasions, award as a prize, or buy as a gift for a friend 

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