This is a fairly modern medal. It is not made of silver. The "CL MED" on the back refers to the company that produces these types of medals. The company is Classic Medallics located in New York. They are still in business today.
www.classic-medallics.com
This medal would have a neck ribbon that attaches to the medal and would be draped over the person's neck.
I own a trophy shop and purchase medals from this company all the time. I would say that this medal is probably not more than 20 years old and is not worth anything. Their medals of this size wholesale for about $1.00.
This particular baseball medal has been discontinued and is no longer offered.