From the booklet to the new Morrissey album, Ringleader of the Tormentors.

Update, 8 PM on 2 April: it is, for sure, the back of a medal for the Order of the Crown of Italy. Knights class, maybe? The front should show a crown.

Can anyone pinpoint the era?

Apparently, the Order was created by King Emmanuel in 1868, when Venice was annexed, to celebrate the unification of the Kingdom of Italy. It was given to both Italian nationals and foreigners (civilians and soldiers) as a symbol of national gratitude. It was issued through 1946 and today has been replaced by the Order of Civil Merit of Savoy.