A very interesting piece of history in this unofficial medal commemorating the entrance of the 5th Army in Naples. These medals were produced locally by Italian craftsmen and sold to allied soldiers during WWII as souvenirs. Several different examples of this souvenir medal exist, and there are several variations on it's design. This particular example is a type 2, having no boats on the obverse and a curved inscription on the reverse. The ribbon shows sun fading and looks to have been mounted at some point with a pin. Ribbons for these medals were usually sourced from whatever was available and as such, tend to vary greatly in design.
An article with more information about these medals can be found here.