That´s a For merit medal, It seems bronze, so 3class; There are some wit crwon and wihtout...with the head of ferdinan, as young, and elderl, and with the head of Bori III, last timr. I think the phrase is: "za zasluga" or like the thing must be write and pronounced correctly....
They can seen with the war cross ribbon, blue with silver treads if awarded for war merit, or, in plain red ribbons, as awarded in time of pace, or not in conexion with a war