From Outwar Wiki
There are two types of medals: crew medals and individual medals. Both types are status symbols and have no impact on your stats.
Crew medals are awards given to you by the leader of the crew you are in. They represent what great work you've done. The leader buys the medal with the cash from the crew, and then picks what kind of medal it is. There are bronze, silver, gold, and platinum medals. The prices increase in that order. Once the medal is selected, the leader edits what the medal will say, and that medal will be available for awarding at anytime. The creation of medals costs in game earned cash, but the awarding of medals requires points from the crew point bank. The costs of awarding increase as the type of medal increases. Your medals will show up to the rest of Outwar when they see you're profile, wear them with pride!
There are two individual achievement medals. Both are obtained at the end of very difficult quests. These medals are the Mark of the Order and the Mark of the Kingpin's Elite. The Mark of the Order is a symbol that the bearer has completed the Epic Quest and can wear the Sacred Blade of the Order. The Mark of the Kingpin's Elite shows the bearer has completed the Mini Epic Questand can wear the Shield of the Aces.
There existed, for a time, three additional individual medals that were not indicative of a specific accomplishment. These could be purchased in the point store for 100, 200, and 500 points, but are now no longer available.