The obverse bears profile of Roosevelt, facing left. Around, in two lines, · FRANKLIN · DELANO · ROOSEVELT · - · 31ST · PRESIDENT · OF · THE · UNITED · STATES / · 1933 · · 1937 · - · JOHN · NANCE · GARNER · VICE · PRESIDENT; signed under truncation, PMANSHIP ©
The reverse bears U.S.S. Constitution heading left above winged female in flight, surrounded by beaded border. Around, : THOU · TOO · SAIL · ON · O · SHIP · OF · STATE : SAIL · ON · O · UNION · STRONG · AND · GREAT
Roosevelt's profile is modeled in such high relief that it took 12 strikes from the great presses at the Mint to render the finer details. Roosevelt himself apparently suggested the "Old Ironsides" motif for the reverse. Manship placed the winged female figure underneath to represent the modern day "Ship of State."
I do not have many U.S. Mint medals in my collection, but this one is really quite handsome. According to Joe Levine, many collectors believe this to be the handsomest of all bronze inauguration medals.
The medal measures 76.2mm (2 5/8in) in diameter and 4mm in thickness and was struck in bronze by the U.S. Mint. The mintage was 1,500. There are two much rarer variants of this medal that were struck by the Medallic Art Company of New York. The dies were actually produced there and MACo struck 50 pieces on its own presses using a 5.24mm thick planchet. Unfortunately, MACo could not match the Mint's quote of 85¢ per piece and had to send the dies to Philadelphia for production of the complete run. Of the 50 pieces struck by MACo one is reported to have been gold-plated, all others have a dark brown patina.
Many thanks to Joe Levine for additional information and to a collector who wishes to remain anonymous for sending me pictures of the Medallic Art variant.
References: Marqusee 254, Murtha 332