This is an antique Japanese navy sake cup, decorated with a profile of a battleship. The ship has some exaggerated proportions - the bridge is far higher than it should be compared to the funnel, etc. It looks like the artist is trying to do the Fuso or Yamashiro before they had their second funnel removed in the mid-30s refit. There's also a flag and an anchor. The words are "Navy Term Fulfillment Commemoration"

Size: 2" across

Condition: Mint