Well, the form of this token/jetton is pretty standard for "in commemoration of graduation from Imperial University" jettons from 1880+ period of time. And of course all such tokens can have imperial eagle at obverse, since these Universities were Imperial.
But this particular jetton has some strange features
1) enamel at obverse (usually there is no enamel)
2) there are no marks (at least I don't see them) and usually all such jettons were made in silver and had marks on the ring
3) engraving indeed looks strange (as the whole jetton quality overall)
I'll post a couple of examples of such jettons (in a couple of days) so everyone can form their own opinion
Cheers,
Nick