Sorry for long delay in replying. This is a variation on a very common inscription on yataghans. It has one spelling mistake
بچاق الده سرک [گرک] دلده یا سبحان سنه ۱۲۱۱
bıçak elde gerek dilde ya sübhân sene 1211
'In one's hand should be the knife, on one's tongue "O Exalted!" Year 1211 (1796-7)'
In the roundel is the phrase mashallah ("What God has willed")
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