The medal's obverse bears kneeling semi-nude female figure facing left, holding goddess of victory in one hand, lyre in the other. Around, · ST · PAUL · - · INSTITUTE · ; signed in exergue, P · MANSHIP
The reverse bears winged steed in flight over large sun; wreath around bottom.
Paul Manship attended the St. Paul School of Art, which was later renamed to Saint Paul Institute of Arts and Sciences. I guess this medal was a thank you to his alma mater where his lifelong passion for sculpture was first kindled.
The medal's reverse is very reminiscent of the Art Directors' Club medal's obverse.
The circular medal measures 53.6mm in diameter and was struck in bronze by the Medallic Art Company of New York. No mintage is reported.
References: Baxter 364, MACo 1916-012-01, Murtha 76