Originally the Indian Peace medals were made for the British Kings starting in the pre revolutionary times, then progressed to having one for each of the US presidents till the late 1860;s. they come in 2 main types, a normal round coin shape that everyone is familiar with, and a engraved oval type Medals.

           
Since these medals were originally given to the various Indian tribes as a show of friendship, this is where it starts to get exciting for the treasure hunter. The main reason is to think like this, say you were given a nice shiny medal from the US government agent declaring there love of piece. Then you sitting in your tepee minding your own business, and in comes the government agent that a few weeks ago just gave you the medal, telling you there relocating you to the middle of nowhere. Well my first instinct would be to get rid of any thing that reminds me of the government as soon as possible.
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Treasure Hunting for Indian Peace Medals