A silver medal, in sports and other similar areas involving competition, is a medal made of, or plated with, silver awarded to the second-place finisher, or runner-up, of contests or competitions such as the Olympic Games, Commonwealth Games, etc.
More generally, silver is traditionally a metal sometimes used for all types of high-quality medals, including artistic ones.
During the first Olympic event in 1896, number one achievers or winners' medals were in fact made of silver metal.
In many sports with an elimination tournament, including those with a third place playoff (such as Olympic ice hockey, Olympic soccer, FIFA World Cup), silver is the only medal given to a team that loses its final game, whereas gold and bronze are earned by teams winning their final matches.
These include: The Zoological Society of London awards a Silver Medal "to a Fellow of the Society or any other person for contributions to the understanding and appreciation of zoology, including such activities as public education in natural history, and wildlife conservation."