I’ll bet that looked impressive when first struck.
The obverse portrait is taken from one of the best known and finest examples of bronze statues from ancient Greece: the “Charioteer of Delphi”, also known as "Heniokhos". Here is the head of that statue:
It originally stood at Delphi to commemorate the victory of the tyrant Polyzalus of Gela’s chariot in the Pythian Games of Sicily in 470 BC and is now in the Delphi Archaeological Museum.
As an image, it has been frequently and variously used as a symbol of fine artistry, a decorative allusion to culture and as a symbol of achievement in sport and other activities. Here he is on a modern French artistic commemorative medal, and an ornate souvenir paper-clip, circa 1940s… so you can see how widely the portrait was used.
I don’t know what your particular medal might be, but the reverse image will be the key to that. It doesn’t appear to be a chariot but might be a games arena/stadium or something similar. I would think it probably a sporting award or some kind of recognition for artistic achievement.