the over all quality of the item looks somewhat poor. it makes me think it's a medallion for participation in high school flag/rifle corps. at least back when I was in school we honored the flag and things that looked like guns didn't cause everyone to freak out like today
Does look crudely casted! If you look real close they are quadruplet sisters. hehe!
From the women's hair styles.....it sorta looks like the hair styles of the 1940's. Thoughts
I suppose we may never know what this thing is unless someone out there has one or is educated on the image in the center!