Looks like the Medal of Remembrance of the Royal House, Gold grade.
"Medal was instituted by Royal Decree no. 100 on 6 November 1902 to be conferred on eminent Italians and particularly foreigners, both military and civil as recognition for particular service to the reigning family and was in the gift of the King and Royal Princes. It was superseded by a second version in 1936."
Source: http://www.medal-medaille.com/medal-...re-p-9861.html
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