Football medal query

Do you recognise this medal?
Do you recognise this medal?
Solent Excavations Ltd laying a water pipe under the mud of Langstone Harbour for Portsmouth Water in 1988.  'Picture: Portsmouth Water.

NOSTALGIA: Laying water main to Hayling in foul-smelling mud

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Are there any former Portsmouth Football Association secretaries reading this page?

The reason I ask is that this waistcoat chain and fob with a medal from season 1933-34 attached was sent to me by my Aunt Doreen of Milton, Portsmouth. It has been in her possession for years and she has asked if I can find out anything about it.

It is hallmarked silver and as can be seen was presented to someone who perhaps was part of a team that won a Division II title.