There are several distinctions between coins and medals or medallions. The biggest difference is that medals do not have a face value like coins do and they are not intended to be used as circulating money.
Why Medals are Issued
Coins are issued to be used in commerce as circulating currency.
Medals are often issued to commemorate an event, person, or place. While there are also commemorative coins, they are seldom circulated, and like bullion coins, they often have a higher value than their denomination.
They are collectible like coins, produced like coins, and they look like coins, but in addition to having no face value, they may not have the backing of a sovereign government.
Who Issues Medals?
Sovereign governments issue coins. Some medals feature government endorsement and are collected as bullion, like the South Korean ZI:SIN series.
Other medals may be issued by a government or a private organization. Some medals are produced by a government but only demonstrate that through a mint mark, like the Mexican Numismatic Society medals.
Are Medals Issued Every Year?
Coins are issued on a yearly basis but not all medals are made annually.
Some medals are produced annually, like the American Liberty Medal, which has been issued by the U.S. Mint every year since 1989. For every year of its issue, it has honored a different group or individual to recognize their leadership in pursuit of freedom.
While it is produced by the United States Mint and features a mintmark, its recipients are selected and presented to by the National Constitution Center in Philadelphia, a private museum.
Other medals, like the 1976 American Revolution Sterling Silver Jefferson Medal, are only produced once to commemorate an event or the anniversary of an event.
Medallic Alignment and Coin Alignment
Have you ever seen the term medallic alignment or coin orientation? Sometimes you will see arrows used to explain these terms, and they indicate the alignment of the design as the obverse and reverse of the coin or medal relate to one another.
A medallic alignment has both sides of the medal facing up (or down) as the medal is turned from side to side. You do not need to turn a medal over vertically to examine its reverse. Medallic alignment is expressed as ↑↑ and that is because both sides are oriented in the same direction.
Meanwhile, coin alignment features an obverse and reverse that are not oriented in the same direction. When one side is up, the other side is down. You need to flip a coin over vertically as you rotate it horizontally to see the obverse. Coin alignment might be expressed as ↑↓ because the obverse and reverse are oriented in different directions.
The Value of Medals
Like coins, the value of a medal is largely contingent on its precious metal content, condition, rarity, and market demand. Unlike coins, medals are not often produced in large numbers.
Some historic medals, like the 1800 Washington Funeral Medal, can be highly valuable, priced above $10,000. Other medals may not have such a significant value but will almost always be worth more than the melt value of their precious metal content due to their low mintages.
Medals can add a layer of artistic appeal and beauty to any collection.
