Regarding the rebus medal, it is in Saulcy but he does not solve the puzzle. See this inumis.com auction lot for a better picture and the answer. It contains praise for the comte de Chambord (grandson of the dethroned Charles X, presented as an alternative to the Second Republic).

I got bored with rebuses about shoes on old currency. However, show me a French rebus on an old medal and you have my attention. This is my interpretation of the Rebus:

Obverse:
Tout les bras sont ouverts tout les coeurs sont a toi

Reverse:
La Republique blanche enfante la misere
La Republic rouge amene la terreur
Henry IV le Bearnais des Frances fit le Bonheur
En nous leguant son filsle modele du pere

Since there may be some E-Sylum readers who don't speak French, I offer this translation:

Obverse:
All our heart and arms are open to you

Reverse:
The White Republic begets misery
The Red Republic brings terror
Henry IV of the Bearnais Frances brought Happiness
Bequeathing us his model of the father

This was much easier than identifying a painting recovered by the Monuments Men that was not recovered by the Monuments Men.

The rebus medal is listed in Catalogue Général Illustré des Éditions de la Monnaie de Paris. volume 2 De la 1ere à la 3e République, p. 169 I

Dated to 1848, it depicts the Comte de Chambered on the obverse with the legend TOUS. LES . BRAS. SONT. OUVERTS. TOUS. LES CŒURS. SONT. A. TOI.

The reverse reads LA RÉPUBLIQUE. BLANCHE. ENFANTE. LA MISÈRE. / LA RÉPUBLIQUE. ROUGE. AMÈNE. LA. TERREUR. / HENRI. LE. BÉARNAIS. DES. FRANÇAIS. FIT. LE. BONHEUR. / EN. NOUS. LÉGUANT. SON. FILS. LE. MODÈLE. DU. PÈRE

I was delighted to stumble upon Brother Mernick's 1848 rebus medal in the last E-Sylum. It is indeed as medal of the revolutions (plural) of February-June 1848 and portrays the Legitimist pretender to the French throne, Henri V, otherwise the "Child of the Miracle," Duc de Bordeaux or Comte de Chambord (1824-1883). Grandson of King Charles X, last ruling king of the senior line of the House of Bourbon, Henri was born after the assassination of his father the Duc de Berri by republican fanatic Louvel.

The birth was greeted with wild enthusiasm, even by those who did not warmly support the king.

Henri went into exile with his grandfather in 1830 but maintained a lively claim against his usurping cousin "Citizen King" Louis Philippe, against the Second Republic, Napoleon III and the Third Republic. He was actually offered the crown by the National Assembly of the infant Third Republic, which had a monarchist majority. The childless Henri was to adopt his rival the Comte de Paris and accept the Tricolor flag. At the last minute he rejected the deal and returned to exile, dying in 1883. This almost insane act of principle was recalled on as medal commemorating his death with the epitaph, "He was not only a great King, HE WAS AN HONEST MAN!:

However that may have been, the 1848 rebus translates as follows: Obverse:
"Toutes les bras sont ouverts, tous les coers sont a Toi, All Arms are open to You, all hearts are yours." Reverse:
"La Republique blanche, enfant de la misere, la Republique rouge amene la terreur; Henri le Bearnais des Francais fit la bonheur, en nous leguant son fils le modele du Pere." he White (bourgeoise) Republic is the Child of Misery, the Red Republic the Friend of Terror; Henri the Bearnais of the French brings good fortune, in us, his sons find the model father."

DeSaulcy plate 60, 5, sculptor Raymond Gayrard. This medal is still struck by the Paris Mint; my 41mm, 36.03 gram example with flying-A privy mark was purchased in 1975 via the Bulletin of the Club Francais de la Medaille while I was on the staff of Coin World and World Coins magazine.

A similar piece was included in a Heritage sale, ex- Robert Myers. I actually remember when Bob bought that medal. He was very pleased with it and sent me a photo.