Spiritual Meaning:
Just as a medal acknowledges our prowess, from a spiritual perspective it reminds us to adhere to a spiritual code of conduct.

Psychological / Emotional Perspective:
Human beings both like and need to feel good about themselves. A medal in a dream acknowledges our talents and / or successes – not just in the immediate moment – but gives a permanent reminder of what we have done.

Everyday Material Aspects:
A medal is often a reward for good work or for bravery, so when one appears in a dream it is recognition of our own abilities. If we are giving someone else a medal then we are honouring that part of ourselves represented by the dream character.

You might also like to consult the entries for Badge / Brooch and Win / Winning.