Without doing any research I can tell you that Pikes Peak has been a challenging competition hill climb for vehicles for quite a number of years. This medallion appears to be from a particular event sponsored by Chevrolet Trucks.
It even has the elapsed climb time embossed on it! Cool. You can search for Pike's Peak on the web and I'm sure you will find loads of info on these competitions and probably on this specific event.
What are the numbers toward the bottom? Can you post all the writing on it? It's very difficult to read.
Brian
Opcon......2 minutes research yielded the following link:
http://www.ppihc.com/index10.htm PPIHC = Pikes Peak International Hill Climb
You got me interested! I can't leave this one alone....The first PPHIC was run in 1916 and is an annual event. However, there have been missed years due to war [:'(]etc...as a matter of fact, if I read the date on your medallion correctly as 1935, you have a medallion from a cancelled year! This is the comment from 1935:
'1935 No race - Road contract conflict - Chevrolet Truck Special Run'
Looks like this is very possible as your item would indicate a Chevy sponsored event. I would take care of that little gem and search around the PPHIC site to see how rare it might be.