This is JH Taylor's personal 2nd place medallion on chain from the 1904 Open Championship at Sandwich (Royal St. George's). We don't know much about this medal, but it was found with JH Taylor's personal effects. Jack White won the 1904 Open, and finishing 2nd just one stroke behind was JH Taylor and James Braid.
One side of this runner-up medal is engraved "Open Golf Championship, Sandwich, 1904" and the other "Second, Score 297."