To me its too plain to something military issued, I think it would be some kind of privately done thing. Some school medal for grades or work related "excelence".
You reckon it's that old, LordM? I was thinking pre WWII, and yes, probably an issue for a smaller function or something. I haven't seen anything like it in U.S. stuff as far as it's shape, that's why I asked here first.
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8 Reales Madness Collection
Might try US forum, just to get more eyes on it.
Edit to add something you already knew: I'm almost certain this is a 19th century item.