In all likelihood there are two missing parts. A ribbon went through the loop, and the ribbon was attached to a metal bar with a clasp pin on the reference. The medal was intended to be worn. The reverse of the medal contains a large blank area where the maker left room for the buyer to make an engraving of sorts, something like "Champion, XYZ Tournament". The buyer (tournament host) would then give the medal to a player.
The medal is somewhat unusual in that silver medals were usually reserved for individual sports, as boxing or track/field, where there is one winner. Team sport medals were typically made of brass (which are more common in general). Sometime and somewhere someone valued this event enough to warrant the price of silver. Dated pieces are generally in the 1900-1920 era.
Finally, the medal came in a rectangular presentation box, which would have in all likelihood contained some information as to the maker and its location.
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