Watch List notes:

JAPAN: AE medal (24.00g), 1921, 36mm, Army Soldiers ' Association membership medal, runner with silver overlay standing at attention, his head turned to right and hands behind his back, and a Japanese imperial flag emblazoned on his shirt, against landscape with sun rays & clouds in background, all within raised ornamental border // text (tentatively read as Hamanaka on foot) with date below, mounted with original bridge-shaped loop, accompanied by original box of issue with the name, address & phone number of the maker (a Nakamura Sekiei of Kyoto), luscious brown patina with silvering intact, EF-AU. We cannot find any other examples of this medal in any auction records.

Estimate: 80-120 USD