This is a 3rd class Red Cross medal from World War I. There are first class (gold) and second class (silver) medals as well. This page on Wikipedia shows the three types. There are also similar medals in steel.
The WRAV inscription refers to Wilhelm II, Emperor of Germany and King of Prussia. The 'fuer verdienste um das rote kreuz' inscription translates to 'for service to the red cross.'
Approximate catalog values for base metal (not silver or gold) run like this:
BASE METAL MEDALS
worn: $20 US dollars approximate catalog value
average circulated: $30
well preserved: $50
fully uncirculated: $100
Base metal medals with intact ribbons are worth more, as are precious metal versions. Just about all the medals come from the WW I period, 1916 to 1921. There may be earlier examples dating back to 1898, but we have not been able to find reliable information about them, if they exist at all.
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