Hi Leigh
What I am led to believe is that the reason of this piece is similar to medallion souvenirs that were presented to school children for coronations, etc. In fact the EVD (or EDV) signifies 'Education Department of Victoria'. The spelling of 'HONOR' is as appears on other strikes. Medallion still has a large portion of silvering.
GTB
https://collections.museumvictoria.com.au/items/53193