For the Victory over Germany

Some 14.9 million were issued to soldiers and officers since 9 May 1945 (immediateltely after the war some 13.66 million awarded).  Medals issued before 5 February 1951 had to be returned upon death of the holder. There are four variations distinguished by their ring.
This is variation 1 that had a soldered ring and hanger from a heavy metal with two layers (awarded 1945-46). Sub-variation 1 is distinguished by less amount of space on the reverse between the letter "E" in the word "VOJNE" and the surrounding circular text (sub-variation 2 has more space).
Subsequent variations had the ring as part of the medal. Variation 2 had one layer heavy suspension and was issued 1946-48. Variation 3 the ring was flat (also 1946-48) and variation 4 had a round ring that differed in thickness, the position of the ring above the circular text (between the letters "e" & "l", above "l" and between "l" & "o") and with an alluminium suspension (issued after 1948). Variation 5, if its not a fake, has a different colour its silver.
See also the "Decree" of the USSR Presidium of the Supreme Soviet that instituted the medal "For Victory over Germany".