The medal was established and endowed in 1934 by the Walcott Fund, a gift of Mary Vaux Walcott, in honor of paleontologist Charles Doolittle Walcott (1850-1927).
The medal was inaugurated in 1934 by the Walcott Fund, which received a donation from Mary Vaux Walcott, to commemorate paleontologist Charles Doolittle Walcott (1850-1927).