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 2023 released in February 2023.
The set contains three "baby versions" of the circulating denomination, and they are all depicted on the medal.
The mint says:
"Fun and excitement leap from all six designs as they cutely reimage Australia’s iconic circulating coins. The bright eyed and giggling baby is surrounded by a gang of mates including the adorable wooden echidna, the winky-wonky lyrebird, the wet windup platypus and the cute and cuddly plush emu and roo. 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 2023 on eBay 
