That type of medal generally has no special collector value unless it's a product of a well-known medalist such as the German Goethe. Yours is likely worth its weight in the metal it's made of, whether that's high-grade silver or cheap pot metal.
I would personally be prepared to pay more for that medal. You get what collectors are ready to pay for, I have pieces that are not very popular that you would probably give me the same answer but I still had to bid against other collectors for the pieces. As for the piece itself I don't have any information to give you about it. If all else fails drop it on ebay.
