Crown Awards-Crown Trophys has the inexpensive "metal" medals. There probably a bit more durable than plastic, and look a bit better. We recently had an "olympics" at work and these were awarded. On the front of the medal is the olympic torch, and the cloth strap has "2008" separeted by a torch and is Red, White and Blue.
These had the wreath look on the medal, shown at the below link under 2 1/2" Wreath
CM06BKCUSR
We used a company called Dixie Novelty or Novelties to get little cheap medals on a ribbon. There are other novelty companies as well--Rhode Island, Good Time Attractions...
Oriental has sold them --- party city-- which is a retail party store-- check out any party planning store in your area-- also go on the web and search plastic medals-- you'll get several small toy companies
They sell plastic medals and you can get them in gold, silver possibly bronze and give these out-- they are like 12 in a package for 2-3.00
or you could make some olympic certificates to hand out--- there are certificate programs on the web that you can customize and print off.