Medals
Also: Commemorative medal, Struck plaque
Medals are struck or cast metal discs without legal-tender status, produced from precious metals as commemorative, award or collector pieces.
Precious-metal medals rank among the oldest forms of valuable object and honour known to humanity. Unlike bullion coins or circulating coins, a medal carries no legal-tender status and no stamped face value. Its worth flows entirely from the fineness of the metal used, the craftsmanship invested, and any scarcity that makes it desirable to collectors.
Manufacture and fineness
Precious-metal medals are struck mostly from fine gold (999/1000) or fine silver (999/1000); silver alloys at 925/1000 (sterling silver) and gold-plated versions are also widespread. Established producers such as national mints, private refiners and numismatic publishers issue medals in set weights:
| 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 any medal can be worked out at any time from its gross weight, fineness and the live gold price or silver price.
How a medal differs from a coin
The decisive difference is legal: coins are issued with a state-guaranteed face value (for example EUR 100) and are legal tender. Medals, by contrast, are private issues or state commemorative objects with no currency status. That distinction carries tax consequences. In the EU, gold coins that qualify as investment gold are VAT-exempt. Gold medals have no face value and so are not coins in that sense, though they may still qualify for VAT exemption as an investment-gold bar or wafer when the fineness is at least 995/1000. In Ireland, silver medals and lower-fineness pieces carry the standard VAT rate of 23%. (This is not tax advice — consult a qualified professional for your own situation.)
Valuation and buying
When buying in, dealers separate the pure metal value from any numismatic premium for rare or sought-after issues. Mass-produced medals with no special collector appeal are usually purchased at, or just above, melt value. The premium (agio) you pay on purchase can vary considerably depending on maker, mintage and packaging quality.
In brief
Precious-metal medals combine tangible intrinsic worth with artistic or historical collector appeal. Their price tracks the live metal rate first and foremost, which you can establish at any moment with the melt value calculator.