Hi alitreos,
The reverse shows the municipal coat of arms of Copparo, a small city in Italy near Ferrara, in Emilia-Romagna region.
In fact, there is also the italian lettering: “COMUNE DI COPPARO” (Municipality of Copparo); and then: “FIERA DI SETTEMBRE” (September Fair).
The Fiera di Settembre (or Settembre Copparese) is held in Copparo since the 40s and is a longstanding tradition in the town.
I can think they made some commemorative medals like this one during the years, but I cannot tell how old is this one.
The obverse illustration is related to some education recalling, as also the latin lettering “EX SCHOLA VITA” (From School Life).