Medals
Also: Commemorative medal, Struck plaque
Medals are struck or cast metal discs with no legal-tender status, produced from precious metals as commemorative, award or collector's pieces.
Precious-metal medals are among the oldest forms of valuables and awards in existence. Unlike bullion coins or circulating coins, they carry no legal-tender status and no stamped face value - their worth derives solely from the fineness of the metal used, the craftsmanship involved and the scarcity value as a collector's piece.
Manufacture and finenesses
Precious-metal medals are predominantly struck from fine gold (999/1000) or fine silver (999/1000); alongside these, silver alloys of 925/1000 (sterling silver) and gold-plated versions are also common. Renowned producers such as state mints, private refineries or 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 its gross weight, fineness and the current gold price or silver price.
Difference from a coin
The key legal difference lies in coinage law: coins are given a state-guaranteed face value (e.g. GBP 2) and are legal tender. Medals, by contrast, are private strikings or state commemorative objects with no currency status. This has tax consequences. Under UK law, investment gold is exempt from VAT (HMRC; purity of at least 995/1000; in line with EU Directive 2006/112/EC). Gold medals with a fineness of at least 995/1000 can qualify as investment gold and be VAT-exempt; below that (e.g. 925/1000) the standard VAT rate of 20% applies. Silver medals always attract the standard 20% VAT rate. (This is not tax or legal advice - consult a qualified professional in individual cases.)
Valuation and buy-back
When buying back, dealers distinguish between the pure metal value and a possible numismatic premium for rare or sought-after issues. Mass-produced editions with no special collector's value are usually bought at, or just above, the melt value. The premium (agio) on purchase can vary considerably depending on the producer, mintage and packaging quality.
In brief
Precious-metal medals combine tangible intrinsic value with artistic or historical collector's appeal - their price is driven primarily by the current metal rate, which you can determine at any time using the Melt Value Calculator.