Watch List notes:

ART MEDALS, Société des Amis de la Médaille Française, 1899-1920, Les Forgerons (Blacksmiths), Bronze Plaquette, 1904, by Georges Loiseau-Bailly, men work with bellows and a hammer forge, rev a team hammer links for a chain, 50mm x 80mm (Maier 22). Extremely fine, rare.
the plaquette is numbered 184 from an SAMF issue of just 230

Estimate: £300-400