Central Union of Co-operative Societies/産業組合中央会/Sangyō Kumiai Chuōkai (later Greater Japan Industrial Union Central Association /大日本産業組合中央会/) was established in 1905 and dissolved in 1943. It was a parent organization of today's agricultural cooperatives, credit unions, credit cooperatives, and consumer cooperatives.
Red-white ribbon.
1st variation /medal made in silver by Naigai workshop/.
Obverse
功勞章 - Merit Medal
reverse
産業組合中央會 - Central Union of Co-operative Societies
Reverse marked 纯银 - pure silver and Naigai Medal Works mark "letter k in a circle"
Original case.
Medal on the cover of the Naigai catalogue "No.42" https://asiamedals.info/threads/bad...made-by-naigai-medal-works.27922/#post-363566