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The medal was issued to mark the 50th anniversary of Lithuania's Declaration of Restoration of Independence, which occurred on February 16, 1918.

Although the medal commemorates the 50th anniversary in 1968, Lithuania was under Soviet occupation during this period (from 1940 to 1990), making this a symbolic commemoration by those who still recognized independent Lithuania. The medal may have been produced by organizations outside of Soviet-occupied Lithuania, such as the Toronto Lithuanian Philatelic-Numismatic Society, as suggested by some sources.