It's a trophy. The words on it say: "HULL SCHOOLS' CUP. FINALISTS. NEWLAND AV. 1937-38".
This was one of the few possessions that Walt brought with him when he left his first wife, so it must have meant a lot to him. Given that it wasn't given for actually winning the Hull Schools' Cup, just for making it to the final, there must have been another story behind it.
Nowadays there are lots of Hull Schools' Cups, based on year groups. I don't suppose that the winners get silver-plated trophies, let alone the runners up. Newland Avenue School no longer exists, having recently been converted into housing (its buildings beings one of the best Victorian constructions in Hull to have survived bombing in World War 2).
All people who had sentimental attachment to this cup are now deceased, so I have to decide what to do with it. I'm sure there are people who collect obscure 89-year-old cups as a hobby, but eBay doesn't seem to be stuffed with offerings.
Oh well, recycling it is, then.