The Saltus Medal Award was initiated in 1913 by J. Sanford Saltus to reward sculptors “for distinguished achievement in the field of the art of the medal.” The silver medal was designed by A. A. Weinman, one of the finest American sculptors of the Beaux-Arts tradition and the second winner of the award.

Until 1983, the award was given intermittently to a total of thirty-one American medallic artists. In 1983, eligibility was expanded and since then the medal has been given to both American and foreign artists for lifetime achievement in medallic art.