Obverse
萬歳 - Manzai /Banzai/
reverse
昭和七年陸軍特別大演習 - 1932 Army Special Large Maneuvers
行奉記念 - Good Service Commemorative
頒御下賜 - Emperor's Gift Distribution (a souvenir that a person who received a reward from the Emperor gives to his subordinates)
第四師團長伯爵寺内壽一 - 4th Division Commander, Count Terauchi Toshikazu
Marked
造幣局製 - Made by Mint
Original case.
記念牌 - Commemorative Medal
Inside
造幣局製 - Made by Mint
先般特別大演習ノ爲メ大阪行幸當司令部行所ノ光榮ヲ拜ス還御ニ除シ小職ニ金一包ヲ賜フ共二此光榮記念スル爲メ本牌ヲ製シ之ヲ頒ッ - Recently, the Emperor visited Osaka for a special large-scale maneuvers. He paid tribute to the splendor of the headquarters and presented me with a golden gift. To commemorate this honor, a medal was created and distributed.
第四師團長伯爵寺内壽一 - 4th Division Commander, Count Terauchi Toshikazu