Around the quarter deck, could be the dinner gong! (5)

I believe the answer is:

medal

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'gong' is the definition.
(I've seen this before)

I cannot understand how the remainder of the clue works.

(Other definitions for medal that I've seen before include "Metal disc given as award" , "Award for bravery etc" , "Prize disc for as for Olympic Games win" , "Commemorative disc" , "Piece of metal as award or in commemoration" .)

I've seen this clue in the Evening Standard.

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