The inscription on the cross is common of a Saint Benedict Medal

> _Eius in obitu nostro praesentia muniamur_

> May we be strengthened by his presence in the hour of our death

> https://en.wikipedia.org/wiki/Saint_Benedict_Medal

And the person in Biblical Dress is probably St. Benedict of Nursia, the founder of the Benedictine Order, an ancient order of religious brothers from Italy. 

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Unless the liquid contained in it was blood, it's likely as not that it contained Holy Water.  

It might well be a 3rd degree relic (i.e. a sacramental touched to a 1st degree relic), but it's clearly a sacramental of some sort (i.e. a blessed item; not something that should be sold).  I wouldn't think there'd be any reason to have an _unblessed_ container of liquid in a holy medal.