Medals
Also: Commemorative Medal, Struck Plaquette
Medals are struck or cast metal discs without legal tender status, produced from precious metals as commemorative, award, or collector pieces.
Precious metal medals are among the oldest forms of valuable objects and awards in existence. Unlike bullion coins or circulation coins, they have no legal tender status and no stamped face value — their worth derives solely from the fineness of the metal used, the craftsmanship involved, and their collectible rarity value.
Production and Finenesses
Precious metal medals are predominantly struck from fine gold (999/1000) or fine silver (999/1000); silver alloys at 925/1000 (sterling silver) and gold-plated versions are also widespread. Reputable manufacturers such as state mints, private refineries, and numismatic publishers strike medals in defined denominations:
| Weight | Metal | Fineness |
|---|---|---|
| 1 oz (31.1 g) | Gold / Silver | 999/1000 |
| 20 g | Gold / Silver | 999/1000 |
| 50 g | Silver | 999/1000 or 925/1000 |
| 100 g | Silver | 999/1000 |
The melt value of a medal can be calculated at any time from the gross weight, fineness, and current gold price or silver price.
Difference from Coins
The decisive legal distinction lies in the coinage law: coins receive a state-guaranteed face value (e.g. 100 euros) and are legal tender. Medals, by contrast, are private strikes or official commemorative pieces without monetary status. This has tax consequences: gold coins with a legal face value are exempt from VAT in the EU as investment gold. Gold medals have no face value and are therefore not coins within the meaning of § 25c UStG — however, they may be exempt from tax as gold plates or bars if the fineness is at least 995/1000. For finenesses below this threshold (e.g. 925/1000) the full VAT rate of 19% applies. For silver medals, the full VAT rate of 19% always applies. (This is not legal or tax advice — consult a specialist in individual cases.)
Valuation and Purchase
When buying, dealers distinguish between the pure metal value and any numismatic premium for rare or sought-after editions. Mass-produced medals with no particular collector appeal are usually purchased at or slightly above melt value. The premium (agio) when buying can vary considerably depending on the manufacturer, mintage, and packaging quality.
In Brief
Precious metal medals combine material intrinsic value with aesthetic or historical collectible appeal — their price is primarily guided by the current metal price, which you can calculate at any time using the Melt Value Calculator.