From Kingdom Hearts Wiki: A world of information not accessible by Gummiship
The Medal is a large, gold medallion with a thin, ornate cross adorning its face. The cross divides the medal into four sections, each displaying four symbols; a spade, a diamond, a club, and a heart.
The Medal's name is a clear reference to medals given to participants in sporting events. The symbols on its face are the four playing card suits, which in turn references the fact that the Medal is only obtained by losing to Setzer, a gambler.