Medallion system

The Medallion system is a licensing framework used in New York City to regulate taxi and for-hire vehicle services. It assigns a unique "medallion," essentially a license, to each vehicle, allowing it to operate legally within the city. Medallions serve as a permit holder’s proof of legality and help control the number of taxis on the road, ensuring safety, quality, and compliance. The system began in the 1930s and has influenced the industry’s structure, with medallions representing a significant asset for owners and a key factor in the city’s transportation landscape.