This is a "medal" for officer students of the Salerno military school.
Not a merit, more like a rememberance medal given probably to those who completed the course.
Some brief notes on the school of infantry officer cadets of Salerno:
From 1.10.1934 to 1.9.1939 it was absorbed by the 39th Infantry Regiment Bologna (School) of the XXIII Infantry Brigade.
At the outbreak of World War II there were seven schools (Palermo, L'Aquila, Salerno, Spoleto, Arezzo, Fano, Avellino).
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