This is important to know, because even many collectors confuse them, calling them all coins. A coin is a piece of (usually) metal with an assigned value, issued by a governing body. If it's not issued by some form of government, it's not a coin. A token is a piece that is privately issued, with or without a specified value, but often used in lieu of coins. A medal is a piece issued to commemorate, honor or recognize an event, place, person or group, with no stated value and not intended to circulate as money. A medal may be a private, or a government issue, but its sole purpose is to commemorate something.