Watch List notes:

GERMANY, Uncertain. 19th century(?). Cast Triangular Æ Medal (36x30mm, 8.67 g, 12h). Skull and Bones Society(?). Sphinx seated right / Four skulls; around, WER WAR BETTERL - UND WER WEISER - WER DER KÖNIG/ WER WAR KAISER (Who was beggar and who was king and who was emperor). Evidence of mount as made. VF.

This medal is likely related to the Skull and Bones Society. Though the Yale University groups by far the most famous, the organization actually began and flourished in Germany in the 19th century.