Those look like ascension medallions. The first looks to be one commemorating the ascension of Edward VII to the throne (with his consort, Alexandra). Which is why they have the crowns on their heads. The second one looks to commemorate their eldest son's (George, with wife Victoria) to the title of Prince and Princess of Wales on Nov 9, 1901.
George, who later became King George V in 1910, was the son of King Edward VII and Queen Alexandra. George was created the Prince of Wales on Nov. 9, 1901. Mary, was created the Princess of Wales on the same date. So what you there is a commemoration medal of that event.
in our country, with it's rich history we always commemorate our most important events one of which is the investiture of the prince of wales at canaervon castle.