Watch List notes:

MEDALS, 中國 - 紀念章, Republic 民國: A pair of Central Military Academy Medals, "中央軍事政治學校第一分校五期高班同學証章 no.50", in silver, 23mm, with chain and hook; "中央陸軍軍官學校第一分校" 入伍生布標, 1938, 53mm x 87mm. Both very fine.
(2pcs)

Estimate: US$120-150