Watch List notes:

EGYPT: silvered AE medal, 1946, 63mm, falcon within crowned wreath, hand engraved text left reading upward: al-kuliyat al-Bulees al-Malakiya [Royal Police College] / right reading downward: al-yubeel al-dhahabi [golden jubilee] // top word looks like marhabalaah, meaning "greetings" / ila hadrat [to the esteem] / sahib al-ghura Mahmud al-Siyufi Beg [steadfast officer Mahmud al-Siyufi Bey] / 1946 [AD] - 1366 [AH], both in Arabic numerals, some test scratches reverse, EF.

Estimate: 100-150 USD