Tasmanian police are trying to trace the owner of a World War 1 medal found among stolen property near Hobart.

The British RAF service medal is engraved with the recipient's name.

Detective Sergeant Brett Berry says police are keen to return it to its rightful owner.

"The recipient's name is engraved on the edge of the coin, or the medal, but obviously at this stage we're not going to provide those details," he said.

"We'd be very interested in people who have any knowledge of a similar medal having been stolen or gone missing recently.

"Obviously short of being able to recover the identity through this method...we'll get in touch with the British authorities and try and recover the original owner."

The medal was found during raids on properties at Bridgewater and Gagebrook last month.

Other items in the haul were Australian army wet weather gear, a signed and framed Peter Brock poster, gaming consoles and power tools.