The inauguration of a US President is a big deal, and big deals always have medals made to remember them. This has gone on since the time of George Washington.
Modern Barack Obama medals come in many patterns, and this is one of the most popular. First and second term medals are about equal in value, although the second inauguration medals could be a little more difficult to find and therefore a little more expensive.
Typical prices go like this (these approximate values apply to both first and second inaugurals):
MEDAL SCUFFED OR OTHERWISE MARRED: $10 US dollars retail price
MEDAL IN PERFECT CONDITION: $35
MEDAL IN PERFECT CONDITION WITH BOX IN PERFECT CONDITION: $45
These are prices you would expect to pay at a coin shop or online auction. If you were to take your medal to a coin dealer, he or she would probably offer one-quarter to one-third of retail price.