The Royal Asiatic Society of Great Britain and Ireland was founded by the eminent Sanskrit scholar Sir Henry Thomas Colebrooke on the 15th March 1823. It received its Royal Charter from King George IV on the 11th August 1824 'for the investigation of subjects connected with and for the encouragement of science, literature and the arts in relation to Asia'. It continues as a forum for those who are interested in the languages, cultures and history of Asia to meet and exchange ideas.
The idea of a Gold Medal to honour eminent British Orientalists was first suggested in 1887, but the matter was postponed until 1897 when a decision was made to institute a Gold medal to commemorate the 60th Anniversary of the reign of Queen Victoria. A committee, formed under the direction of Mr (later Sir) A.N. Wollaston, chose a design for the medal based on the banyan tree. In 1898 the Society launched an appeal for funds to finance the cost of the new medal. By the end of 1899 nearly £300 had been subscribed. The first medal was presented on 25 May, 1898, by Lord Reay, president of the RAS, to Professor E.B. Cowell, an eminent Sanskrit scholar.