In its damaged and worn condition, Nye's Reward of Industry medal is worth about zero. In contrast, the pictured, well-preserved example from Heritage Auctions sold retail for a little over $100. My guess it was made around 1900.
Usually one would think of the Mormon Church and the State of Utah (the beehive state) as the source of this interesting piece. However, the catalogers at Heritage conclude that there is no solid connection between this medal and these institutions. In fact, this is one of many popular patterns used to encourage school children to a life of industry and faithfulness. (Hey! I'm all for that.)
The inscriptions read REWARD OF INDUSTRY, LEARN TO LIVE, and REMEMBER THY CREATOR IN THE DAYS OF THY YOUTH. There is a superb collection site with many beautiful medals like this at NeoCollect [press here].
Of course, each medal like this stands on its own merits, and it is difficult to assign catalog values except very, very approximately. Here are some guidelines.
SCHOOL MEDALS BEFORE 1900
worn: $5 US dollars approximate catalog value
average circulated: $25
well preserved: $80
fully uncirculated: $150
SCHOOL MEDALS AFTER 1900
worn: $1 US dollars approximate catalog value
average circulated: $10
well preserved: $20
fully uncirculated: $50
CoinQuest thanks Heritage Auctions for use of their photo. It is a beautiful and interesting piece for collectors of exonumia.