The American Legion was established in Paris, France in March 1919 as an organization to deal with the needs and well-being of the nearly two million veterans returning from France after World War One. Today it is open to any veteran who served during a recognized period of United States conflict. The school award program is focused on courage, honor, leadership, patriotism, and scholarship of young people. In 2012, 25,722 American Legion School Medals were awarded to outstanding school graduates.
There is an excellent write-up about the School Award medals at the Medallic Art web site. This page includes examples of several of the patterns used on the medals.
On the secondary market, that is, medals sold between collectors, rather than from manufacturer to collector, these medals sell for $15 to $25 US dollars each. If you wanted to sell one to a coin dealer, he or she would probably offer $8 or so.