The Collaborative International Dictionary of English v.0.48:

Medal \Med"al\, n. [F. m['e]daille, It. medaglia, fr. L.
   metallum metal, through (assumed) LL. metalleus made of
   metal. See Metal, and cf. Mail a piece of money.]
   A piece of metal in the form of a coin, struck with a device,
   and intended to preserve the remembrance of a notable event
   or an illustrious person, or to serve as a reward.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Medal \Med"al\, v. t. [imp. & p. p. Medaled, or Medalled; p.
   pr. & vb. n. Medaling or Medalling.]
   To honor or reward with a medal. "Medaled by the king."
   --Thackeray.
   [1913 Webster]

WordNet (r) 3.0 (2006):

medal
    n 1: an award for winning a championship or commemorating some
         other event [syn: decoration, laurel wreath, medal,
         medallion, palm, ribbon]

Moby Thesaurus II by Grady Ward, 1.0:

88 Moby Thesaurus words for "medal":
   Bronze Star Medal, Croix de Guerre, Distinguished Conduct Medal,
   Distinguished Flying Cross, Distinguished Service Cross,
   Distinguished Service Medal, Distinguished Service Order,
   Distinguished Unit Citation, Medaille Militaire, Military Cross,
   Navy Cross, Unit Citation, Victoria Cross, anaglyph, armory, badge,
   badge of office, badges, bas-relief, baton, blazonry, boss,
   brassard, button, cameo, cameo glass, cap and gown, cavo-rilievo,
   chain, chain of office, class ring, cockade, collar, cross,
   cut glass, decoration, dress, eagle, emblems, embossment, ensigns,
   fasces, figurehead, fleur-de-lis, glyph, glyptograph,
   hammer and sickle, heraldry, high relief, insignia, intaglio,
   intaglio rilevato, intaglio rilievo, lapel pin, livery, low relief,
   mace, mantle, markings, mask, medallion, military medal,
   mortarboard, old school tie, order, pin, plaquette, regalia,
   relief, relievo, ring, rose, school ring, sculptured glass,
   service medal, shamrock, sigillography, skull and crossbones,
   sphragistics, staff, swastika, tartan, thistle, tie, uniform,
   verge, wand, war medal



The Devil's Dictionary (1881-1906):

MEDAL, n.  A small metal disk given as a reward for virtues,
attainments or services more or less authentic.
    It is related of Bismark, who had been awarded a medal for
gallantly rescuing a drowning person, that, being asked the meaning of
the medal, he replied:  "I save lives sometimes."  And sometimes he
didn't.