It is from small German city of Waldshut-Tiengen that is on Swiss border. The 1468 date references a date that Tiengen was absorbed into the Swiss confederation, but I am not sure why the dates 1948-78 are on the piece.
just speculation here but I believe that 1948 is the year that the formalization of East Germany was finalized after WWI. This would be a 30 year commem.
No, both the Federal Republic of Germany ("West G.") and the German Democratic Republic ("East G.") were founded in 1949 - four years after WW2. But this medal has nothing to do with that ... The "Waldshuter Chilbi" is a festival in Waldshut-Tiengen. It reminds of the "guild" of bachelors - young men who are not (yet) married. http://de.wikipedia.org/wiki/Waldshuter_Chilbi In 1468 they defended the city of Waldshut against the Swiss. In 1948 several former Junggesellen set their own club (within the Chilbi) up http://www.junggesellen.de/index.php/junggesellen-2/ehemalige/ which had its 30th anniversary in, ta-daa, 1978. (Edit: Note that each link takes you to a German language page.) Christian
Another "no", sorry. Legend has it that during the Swiss siege (1468, see above) the Waldshuters showed an armed man with a well-fed sheep or ram walk on the city wall. The Swiss were thus supposed to believe that, despite the siege, the city still had lots of food. It worked, they abandoned their plan to conquer the city ... not knowing that this was the very last sheep the Waldshuters had. Christian