Medals are a form of "exonumia" - objects related to coinage but not coins themselves. such are, for example, the medals included in many Royal Mint proof sets. They do not have any "face value" and are not tokens either, but can still be of interest to coin collectors.
Tokens were used in the past as a sort of privately issued money. This is no longer the case, but mints and other entities now strike medal-like objects they call "tokens".
This medal was part of the Baby Coins Uncirculated Year Set 2021 released in November 2020.
The set contains three "baby versions" of the circulating denomination, and they are all depicted on the medal.
The mint says:
"A posable wooden echidna sits on the 5c, a cute wind-up platypus swims amongst the bubbles on the 20c, while an adorable mob of cuddly plush kangaroos flop about on the back of the $1 coin. Altogether, they create a cute and engaging year set that celebrates the arrival of a new baby, the wonders of a child’s imagination and the simple joys of collecting."