The medallion's obverse bears, within decorated border, seated young woman holding a banner before a sky of stars and one falling star to her right. On banner, COMET ENGRAVING CO. / ESTABLISHED 1898 / CHICAGO
The reverse bears, within same decorated border, ENGRAVERS / AND / DESIGNERS / OF / EMBOSSIN / AND / STAMPING / DIES / IN / BRASS / AND / STEEL
The Comet Engraving Company was founded in 1898 by German immigrant Jacob “Honest Jake” Salg. The company, now named Comet Die & Engraving Company, is still under family management: two of Salg's great grandsons are managing it as of 2017.
This is a beautiful medal, probably designed as a showcase of Comet's work. Based on the lettering I would date it to the 1930's or 1940's, but I'd love to learn more about it.
The circular medallion measures 82.4mm in diameter. It was probably designed and struck in-house by the Comet Engraving Company.