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]

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.