ebay should never be used as a price guide. people have been known to pay way more than what something is worth on their. for instance hundreds of thousands of dollar for toast with jesus on it....
well i did some digging and these are fairly common they were given to anyone who donated $$ to his political campaign. it is gold plated and most of the time it is not worth more than a few dollars. only ones with the case and certificate are currently going for over 10$
http://cgi.ebay.com/Ronald-Reagan-Medal-of-Merit_W0QQitemZ300392499691QQcmdZViewItemQQptZLH_DefaultDomain_0?hash=item45f0c9c9eb my 2c