Ran it through a few filters on my photo program.
Definitely a sports medal. The lettering at the bottom seems to read
LIRA ## AGTO## or
LON###ADTC#
LIB###ACTO##
LIH###AUTO###
One of the letters looks like an upside down D but could be a G
Possible combinations
LONG DISTANCE
LONG JUMP
LIGHT (something)
LIBERTAD AUTO something)
Sadly I need a better picture... but yeah, filtering light exposure and amping contrast I got this:
SageGrouse