Just about made out WERCH and PASSEM which from this [no connection] token
N#38921
maybe then be PASSEMENTERIE lettering - or PASSEMENTERMENT maybe.
Quote: Passementerie or passementarie is the art of making elaborate trimmings or
edgings (in French, passements) of applied braid, gold or silver cord, ...
Maybe those items in the middle are used in such. I found this
which looks like a modern version of one of them.
Other side looks like a fat cat leaping to the right.
Still looking …