According to L. L. Gordon, British Battles and Medals, 5th Edition revised: "Though styled the 'Waterloo Medal', it was awarded to all ranks that took part in one or more of the following battles [in 1815]: Ligny (16 June), Quatre Bras (16 June) and Waterloo (18 June)."

Every soldier present at either of these battles was credited with two extra years' service, to count for all purposes.

"This is the first medal issued by the British Government to all soldiers present" although there were earlier battles where some of the participants received medals such as after Dunbar in 1651 and Culloden in 1746.

"It is also the first campaign medal awarded to the next-of-kin of men killed in action. (The Highland Society's medal of 1801 was not a campaign medal.) It is . . . also . . . the first on which the recipient's name was impressed around the edge by machine."