ST,
The reverse side of the medal is also high relief, but a different scene. The front carries the inscription Olympic Games, London 1908 beside a male athlete over whose head two seated women hold a wreath. The back is a knight in armor seated upon a prancing horse next to a woman or angel. I'll try to get decent photos to post. So, no blank space for engraving. Nor do I see the .22 I remembered.
I thought the book might be in the safe with the case, but it was not. I will find it, I'm sure.
Terry,
The reverse side of the medal is St.George the patron saint of England in the act of slaying the dragon which is between the horses legs, the lance can be seen piercing the dragons head. as you surmised the lady watching these proceedings is an angel.
Harry