Unknown Japanese item

Obverse Reverse Inscription

diam. 27 mm.

I suppose that it may be medal (it has trace of 'ear' at the top). All inscriptions are in Big Zhuan style (Big seal style).
Some information about inscriptions I received at 8-Sep-96 from Tsan-Sheng Hsu:
The big character in the obverse reads as "prize".
Some characters in the reverse are:

                -------------> division
                X ? ? ? X --------------> big
                  ? X X --------> the
                    ------------------> second 
                    X  -----> turn
                    X  -----> competition
                    X  -----> together with the above means competition

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