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 2022 released in February 2022.
The set contains three "baby versions" of the circulating denomination, and they are all depicted on the medal.
The mint says:
"The shy lyrebird on the 10c coin is now a winky-wonky marionette puppet, while the 50c coat of arms has been given a riotous party makeover with plush roo and emu. Finally, the $2 coin shows an adorable Indigenous baby, looking with giggling wonder at a cute star mobile. Altogether, they create a unique 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." | 
Search for Australia: Baby Set Medal 2022 on eBay 
