Italy
Republic gold "Navigation" Award Medal ND (c. 1946) UNC, 34mm. 29.70gm. 22k. "2917" at top of attachment. Decoration established in 1904 by royal decree of Vittorio Emanuele III, King of Italy, for seafaring and navigation. This medal, engraved "Republic", was awarded post-WW2 and features the same personification of Italy as in the older issues, with Italia holding an olive branch and looking to the sea over a group of ships. The "SA" initials to the right of the obverse point to the medal being produced by Huguenin in Switzerland. A small test cut to the reverse edge at 8 o'clock is noted for accuracy.
https://coins.ha.com/itm/italy/italy-republic-gold-navigation-award-medal-nd-c-1946-unc-/a/3081-31018.s?type=CoinArchives3081
HID02906262019
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Estimate: 1200-1500 USD