The medal bears seated female figure, r., with rearing Pegasus behind her. At her feet, FOR / MERIT; signed around top right, · U · ELLERHUSEN

This design was used for the obverse of many art awards and probably goes back to the early 1920's.  The first medal documented by Dick Johnson that bears this motif is dated 1924.

The circular medal measures 88.8mm in diameter and was struck in bronze by the Medallic Art Company of New York.  No mintage is reported.

References:   MACo 1936-026