In silver with red, white, blue and yellow enamels, maker marked "ELLIS BROS. LTD." on the edge, obverse illustrating a crown surmounted by the date "1915", the flag of the United Kingdom on a flagpole in the centre, surrounded by the flags of Belgium, France and Serbia, all four flags within a circle, along with two clusters of three maple leaves each, reverse illustrating the head of horse, surrounded by the inscription "TORONTO OPEN AIR HORSE PARADE ASSOCIATION", measuring 29.8 mm (w) x 33.8 mm (h) inclusive of its integral ring, intact enamels, very light contact, near extremely fine.