It was first presented by Prince William Frederick, Duke of Gloucester and Edinburgh during his time as Chancellor of the University of Cambridge.
The winner of the medal would have the honour of reading his or her poem aloud in the Senate House on Commencement Day.
This literary prize continues to exist today under the name of Chancellor's Medal for an English Poem.
In modern times the medallion is decked with a representation of the King on the front and a poetical figure on the back.
Chancellor's Medals may also be awarded to undergraduates for academic distinction in Classics or English Law.