The obverse bears a rearing pegasus before a stylized sun. Around, THE ELISABETH WATROUS MEDAL FOR SCULPTURE. The reverse bears a bearded man with wings, scythe and hourglass, judging sculpture of torso held in right hand. Below, TEMPUS JUDICAT.
Aitken designed this medal in 1914 for the National Academy of Design. I might be very wrong in my interpretation, but I think that Aitken expresses that time might be the harshest critic of art and that true art not only has to win the contemporary critic's heart but has to withstand the test of time. This interpretation would fit well with his strong artistic conservativsm.
Many thanks to the library of Cornell University which has allowed me to use their high quality image of this medal with the following notice:
Gift of Muriel Doebler-Glaser
Photography courtesy of the Herbert F. Johnson Museum of Art, Cornell University.
References: MACo 1916-005