The writing in not Arabic, but it doesn't seem to be Hebrew either. And the profile looks remarkably like Anwar Sadat the Egyptian President, which if that is the case Hebrew would make even less sense.
And finally I'd be thrilled to locate the rightful owner.
Cedar Posts Update: Hat tip to Jeff Taylor for suggesting the writing is Amharic and the portrait is of Haile Selassie. Also for the suggestion that a Charlotte Cabbie probably dropped it.
Turns out Jeff is right, as it is "The Medal of the Campaign" circa 1941 and once included a ribbon.
Circular bronze medal with integral small imperial Ethiopian crown suspension; the face with a portrait in relief of Emperor Haile Selassie I in military uniform facing left, inscribed ‘Gold is Tested by Fire’ in Amharic above, crossed curved swords and palm branches below; the reverse with the Amharic inscription ‘Hope established in faith is a proven instrument of victory’
The Medal of the Campaign was created by Emperor Haile Selassie I for those Ethiopians who remained within Ethiopia during the Italian invasion and occupation of 1935 to 1941 and who worked and fought to restore their country’s independence. Ethiopia had maintained her independence for more than two thousand years when Italian forces invaded in 1935 and eventually took control, annexing the country in 1936. In 1941 patriotic Ethiopian, British and Commonwealth troops liberated the country and Emperor Haile Selassie re-entered Addis Ababa in triumph on 5 May.