The cycle racing craze of the 1890s saw the replacement of the penny-farthing as the racing cycle of choice by cycles of a more modern appearance. In 1891 the Exhibition Buildings constructed the colonies main cycle racing track where the entrance foyer of Museum Victoria now stands. The governing body of the sport was at that time the League of Victorian Wheelmen.

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First medal Obverse – Within a wreath of olive and laurel branches is a shield bearing the legend THE VICTORIAN CYCLISTS UNION CHAMPION. At the centre is a cyclist on a penny-farthing bicycle.		Second medal Obverse – The medal, with a loop for wearing, is made up of a wheel set on a victory wreath. At the top are the letters LVW (League of Victorian Wheelmen). A female figure, perhaps representing the colony of Victoria, holds a flag inscribed "100" and offers a wreath. Enamelled in blue is the legend CENTURY RUN 1898.

Penny-farthing medal donated by George McArthur, 1903