History

The Naval Medal was established by Presidential Decree on October 7, 1925, as a replacement for the Seamen's Pension Fund Medal. It was awarded to individuals in recognition of a life-saving rescue at sea or services rendered to the Merchant Navy.

A second version, with a crown on the obverse, was instituted in 1935 following the restoration of the Greek monarchy. A third version was later instituted in 1974 after the fall of the monarchy, which differs in design, composition, and inscription. All three versions feature an obverse inscription that translates to "Greek Navy."

There may be other versions of the II Class Medal that differ in size.