Gordon, It's a bit difficult to tell for sure, since the whole medal has some sort of greenish overspray on it. There are places on the frame where the silver is showing through as you can see in the pictures. I examined the inside edges of the beaded frame, and it does appear to be of three-piece construction, but it's a little hard to tell since some of the paint got in there and it makes it hard to see the little gap between the iron core and the frame. Also, when I look at the top of the medal, there appears to be a very faint seam between the front and rear frames. This seam extends up into the eyelet, as it should. I can't say for certain if it's a casting or not, but the details are so crisp that I didn't think it was possible that it was a casting. BrianH