(http://www.australian-coins.net/gallery/albums/userpics/11197/1914_war_medal_b.JPG)
(http://www.australian-coins.net/gallery/albums/userpics/11197/1914_war_medal_a.JPG)
Never seen it before.
Awaiting, with interest, for some informed answers.
It is listed in the Carlisle catalogue as number 1914/2. It can come in both aluminium and bronze, but the mint and mintages are unknown. Whichever mint made it also made several other patriotic medalets throughout the war years, such as C1914/11 and C1916/11. The example illustrated in the catalogue is also holed so they were presumably all holed. The 2008 price guide lists it at $20 in either metal.
The moustachioed gentleman is of course Lord Kitchener; his image is most famous in the form of the British war recruitment posters (http://en.wikipedia.org/wiki/Lord_Kitchener_Wants_You).
thanks a heap sap.