My 1st thought was Russian "dogtag" Not sure that's right word, metal that service people wore to identify them, if they were unable to speak(wounded) The 2 flags gave me that idea. Number at top it looks like could identify person. Anything on back of it?

Russians did not wear dog tags, they had a small cylinder with a piece of paper rolled up inside with their details written on it. As the papers were self-inscribed, many did not fill them out as a superstitious hedge against needing them.
I found this out listening to a radio interview with a group in Russia who are doing a volunteer project to recover, identify, and properly inter as many as they can of the tens of thousands of Russian soldiers whose bodies were left unburied in the forests surrounding Stalingrad after the siege in WW2.

It's a token/ badge issued on the occasion of the February Revolution in Russia in 1917. The text reads:

27 II (e.g. February 27, the Roman numerical II denotes February)
Long Live Free Russia
1917

At the time, the Russian Empire used the Julian calendar which was 2 weeks behind the Gregorian calendar.

The badge was most likely made between March 12, 1917 (Feb. 27, 1917) and Nov. 7, 1917 (Oct. 25, 1917). My cursory search for similar tokens on Ebay showed asking prices of $50-$70.

Here is a link that might be useful: February Revolution 1917 Russia