Medal · Finland
Talvisodan muistomitali
(opens the listing on LiveAuctioneers)
(opens the image page on Wikimedia Commons)Reference image
Reference image: ArmémuseumPublic domainWikimedia Commons

Ribbon image: MboroPublic domainWikimedia Commons
Sold median$85
median of 14 recent sales, 29 in all · typically $66 – $119 · 1 for sale now
All classes, authentic single pieces, US dollars with buyer's premium; recent = dated sales of the last 10 years. Updated 2 Nov 2026.
The Winter War Commemorative Medal (abbreviated Tsmm), originally called the Commemorative Medal for the 1939–1940 War, is a medal awarded from 1940 to 1992 to people who took part in the Winter War. It was designed by the artist and Major Aarno Karimo. More than 700,000 people, of whom over 10,000 were foreigners, were awarded the commemorative medal in the name of Commander-in-Chief, Field Marshal C. G. E. Mannerheim. President Kyösti Kallio issued the decree establishing the medal on 2 August 1940, and distribution began in the autumn of that year and continued until the end of 1992.
The commemorative medal was made in two different versions, one intended for Finnish citizens and the other for foreign volunteers. The medal was made of matt, blued iron, but medals awarded to foreigners were also made of gilt silver, silver, and bronze. Only seven people received the gilt medal: Crown Prince Gustaf Adolf of Sweden, Crown Princess Louise, Prince Carl, Commander-in-Chief of the Swedish Armed Forces General Olof Thörnell, Crown Prince Frederik of Denmark, Regent of Hungary Admiral Miklós Horthy, and former US President Herbert Hoover.
Translated from the Finnish Wikipedia (article), under CC BY-SA 4.0.
Sold: realised prices with buyer's premium, median and middle 50%. Buy now: asking prices, kept separate.
Class not stated
with Swords
Bronze
| Class | Sold median | Typical range | Sales | Buy now |
|---|---|---|---|---|
| Class not stated | $105 | $75 – $120 | 9last 17 Sept 2026 | 1 listed · $150 |
| with Swords | $69 | $63 – $80 | 4last 3 Jul 2024 | None listed |
| Bronze | $139 | $117 – $210 | 3last 26 Sept 2025 | None listed |
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Invaluablesold
$30
+ est. 25% premium ≈ $38 paid

auex / eLive (Künker eLive and other tenants)sold
€300
approximately ≈ $350
+ est. 25% premium ≈ $438 paid

auex / eLive (Künker eLive and other tenants)sold
€900
approximately ≈ $1,050
+ est. 25% premium ≈ $1,313 paid

auex / eLive (Künker eLive and other tenants)sold
€95
approximately ≈ $111
+ est. 25% premium ≈ $139 paid

auex / eLive (Künker eLive and other tenants)sold
€65
approximately ≈ $76
+ est. 25% premium ≈ $95 paid

auex / eLive (Künker eLive and other tenants)sold
€80
approximately ≈ $93
+ est. 25% premium ≈ $116 paid

eMedalsseen
$150

auex / eLive (Künker eLive and other tenants)sold
€75
approximately ≈ $84
+ est. 25% premium ≈ $105 paid