It's a medal commemorating the centennial of the Roman Catholic Archdiocese of Boston in 1908.
The portrait is that of Archbishop (later Cardinal) William O'Connell, who served in Boston from 1907 until 1944. The Latin inscription translates as, "William, Archbishop of Boston, 1908."
The inscription above the arms on the reverse means something like, "Completing 100 Happy Years of the Archdiocese"; the motto
Vigor in Arduis, "Vigor in the Midst of Challenges."
This medal may have been struck in other metals as well. There's also a smaller silver medal of the same design:
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