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Medallions are typically issued for artistic, commemorative or souvenir purposes, not for commerce. On the other hand, tokens are for commerce and traded for their respective face values. Like medals, medallions and tokens are part of the exonumia (of coin-like appearance) subcategory of numismatics.
From trade dollars (for municipalities, theme parks, and casinos) to marketing promotions (in-pack/in-case promotions) to special events and gifts, the Royal Canadian Mint crafts medallions and tokens for a wide range of clients and occasions.