A medal made of, or having the colour of, silver, used as a prize for finishing in second place(noun)
Finishing in second position, being a runner-up(noun)
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Use "silver medal" in a sentence
"The edge of a white medjidieh (large coin) sharpened, will serve – you must dry the head, wrap it up with a silver medal of St. George, have it blessed by a priest, and it will protect you so long as you wear it."
"Later that year they won a silver medal at the World Championships, and Moskvina, who was then twenty-eight, decided to try something else."