Vintage medal or pendant Spain Coat of arms

This is a large medal or pendant 2.5 inches in diameter. It has been in my family as long as I can remember. I played with it as a child. I have no idea where it came from. It appears to be similar to the Victoria Cross and has what appears to be a Spain coat of arms. I would love to know what it is and where it came from. I hope someone here can help me.