Jeff, you are correct……This Medal appears to have both Portuguese and Bulgarian attributes. However I cannot think of any reason why the two Nationalities would be combined, other than could it be a sample produced by the jeweler that made these items?
1. The inscription appears to be an attempt at the inscription "For Military Merit" from the Military Merit Order.
Za Voenna Zasluga (in Cyrillic = За Военна Заслуга) written in an old fashioned style script is the obverse legend on those badges.
2. The entire center piece is upside down. The three stars at the top should be at the bottom, and the center symbol is an "F" (Cyrillic = Ф). The larger end is at the bottom on the Bulgarian original.
3. The background enamel color should be either white or green.
If the center has those differences from the original (color, the script is rather poor) it might just be a fantasy piece or a theater or movie prop, created by a jeweler to fool the eye.
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