When visiting Rome, it is quite a common thing to see pilgrims and tourists buying souvenirs either close to the Vatican or right in Vatican City itself.
Buying a souvenir of the reigning Sovereign Pontiff is very popular when near the Vatican. Traditionally any medal of a reigning pope will have his image on one side. In the case of the medallion at hand it is of Pope John Paul II with the inscription: "Ioannes Paulus II Pont[ifex] Max[imus]" which simply means "John Paul II Supreme Pontiff".
Medallions showing the image of Saints Peter and Paul (the two great Apostles of Rome) on the reverse side are still somewhat common. I am confident that this is what is portrayed on this medal as both person portrayed are bare foot and are bearded. Underneath the two Apostles of Rome one can read the inscription: S. Johnson (the artist who designed this particular medal). I have several such medallions of previous popes.
Medallions of with the images Saints Peter and Paul have been around since the third century.
The 1911 edition of the Catholic Encyclopedia verifies the authenticity of this bronze medallion and identifies other sources for the likenesses of Saints Peter and Paul. This bronze medallion is in the Vatican Museum in Rome.
The medallion is unique, not only because of its age, but for its iconography; for it shows us the typical images of Peter and Paul that we know through our Church’s sacred art. St Paul (on the left) is portrayed with bald head and full beard, and St. Peter is portrayed with a full head of hair and a full beard. - 3rd Century Bronze Medallion of Saints Peter and Paul