What is this medal?!
When it was issued?
Here comes the opinion of Paul L. T. Kua from his article “Manchukuo's Award System & Some of its Lesser Known Awards” published in 1998 by OMSA journal.
(8) Red Cross Membership Medal, Type II (figures M, N) —Peterson described a full-range of Red Cross awards all dated October 1, Kang Teh Year 5 (1938). These are made of silver or gold-plated silver, with designs very similar to their Japanese counterparts. Figures M and N show the obverse and reverse of the Special Membership Medal in gold-plated silver (right), the Regular Membership Medal in silver (center), and a rather unusual Regular Membership Medal in silver (left.) The last one, which does not appear in Peterson’s book, is of interest here. It measures 31mm (instead of 30mm like the other two), and is made of silver perhaps one third the thickness of the more common medals. The obverse shows a red enameled cross in the center surrounded by a laurel wreath, and the reverse shows an enameled Manchukuo flag in the center, with characters for Manchukuo on top, and “Red Cross Society Regular Member” in the bottom. No date appears, but because the silver is thinner, and the design and Chinese characters adopted are more Chinese than Japanese, one can safely guess that it was issued after October, 1943, during the last war years (*).