The shooting sports that I was involved in gave out medals. There is a company called Blackington that makes some really nice, customizable ones that look great and are well received. We had a discussion about awards and a buddy kept saying that it might not be a big deal for some of us, but for those just starting out, getting a medal, trophy, or plaque to show for their efforts is huge. I agree. After a while, the second place medals find their way into a drawer and are somewhat forgotten, but we all have a few that hold more meaning and I still have those proudly displayed.
A young guy from my team and I entered our APA league's Scotch Doubles tournament and won it a few years back. I think it was his first time winning something. We got some cash, a cheezy plastic trophy, and they took a picture of us standing next to the table with the trophies and cash on the cloth. That picture is why I still have that trophy on a shelf downstairs. So I agree, the picture at the time of celebration is what really makes it.