It was revived as the Lord Botetourt Medal in 1941 through an endowment by Norborne Berkely, who was named for and a descendant of the colonial governor.

[3][4] The medals were struck from these dies, likely with a collar that prevented them from adopting the ovate shape present in most early American coinage.

The squared, plain edges demonstrate a quality considered unlikely for 18th-century colonial Virginia which suggests the medals were struck in England.

[2] The obverse depicts King George III's head in profile surrounded by the Latin text Regnante Georgio Tertio Musis Amico (transl.

[3] Numismatist Raymond H. Williamson called Pingo's portrayal of George III "very professionally and painstakingly executed" and attributed this to "the stringent requirements for royal approval".

[10] The Latin Anno Regni Quarto is below the figures,[3] indicating the date of the chartering as within the fourth year of the monarchs' reign.

Williamson characterized the reissue's texture are "modern" and noted the limited visibility of the necklace on Queen Mary II's neck.

[17] These medals were intended to incentive scholarship among the students, with potential recipients to fulfill significant requirements.

[18] After selection, the recipients of either medal were to complete a public oration of their own composition on Transfer Day (August 15)[note 3] before the colonial governor, the college's board of visitors, and other Virginian notables.

[24] Graham Wood, who served as the curator for the Colonial Williamsburg Foundation, credited Henry Somerset, 5th Duke of Beaufort with the medal surviving the governor's death in 1770.

[25] The duke, who was Lord Botetourt's nephew and principal beneficiary, had been aware of his uncle's plans for the medal.

[18] Norborne Berkeley, who was named for and a descendant of the medal's original sponsor, endowed the revival of the award.

Berkeley had become director of the Bethlehem Steel Corporation in 1935 – later becoming its vice president in 1945 – and served on the board of visitors of the University of Virginia.

Berkeley's papers are in University of Virginia's special collections library and include material on the revived medal.

[4] At least five copper and bronze examples struck with the original dies, including two in the college's possession and another in the Ashmolean Museum's collection, are known.

[36] A silver specimen of the original medal, likely the unique example in this material, survives in the British Museum's collection.

[37] The original obverse and reverse dies for the medal survive in the college's Earl Gregg Swem Library collections.

[18] Copies of these orations would be retained by the president so that he and the faculty could consult them in determining the recipient of the philosophy award.

Following the announcement of the recipients, the awardees would only take possession of their medal after giving a public oration on Transfer Day.

[23] Since its revival in 1941, the Lord Botetourt Medal has been awarded to a "single undergraduate student with the greatest distinction in scholarship".

[10] Eight College of William & Mary students received the Botetourt Medals before the American Revolution prevented further awards.

Recipients of the revived award also include the poet Ennis Rees (1946), historian Robert Earl Roeder (1951), education researcher Gerald Bracey (1962), and biologist Jerry Coyne (1971).