A taxi medallion, also known as a CPNC (Certificate of Public Necessity and Convenience), is a transferable permit in the United States allowing a taxi driver to operate. A number of major cities in the US use these in their taxi licensing systems, including New York, Boston, Chicago, Philadelphia, and San Francisco. Medallions may be worth hundreds of thousands of dollars. The New York medallions are the most valuable, once peaking at over one million dollars. With the introduction of peer-to-peer ridesharing services, the taxi industry has faced competition, and the price of medallions has dropped substantially.
According to The Washington Post, medallions were "the best investment in America", but—due to increased competition from app-based car services and transportation network company growth from companies like Uber and Lyft—taxi medallions are now decreasing in price.
In 2014, a medallion was worth nearly $700,000.
The total value of all medallions and assets related to them had a value of $2.5 billion in Chicago in 2013. In 2012, medallion prices ranged from $87,000 to $385,000. In 2015, Chicago's average medallion price was under $230,000, down 30% from 2014. In 2018, they had dropped to a range of $30,000 to $100,000.
New York CityEdit
The total value of all medallions and assets related to them had a value of $16.6 billion in New York City in 2013.
In 1962, the market value of a medallion was around $25,000. The price rose steadily. In 2005, an individual medallion was around $325,000 while a corporate medallion was approximately $375,000. Around 2010, the market value of a medallion was around $600,000. It peaked around 2013 at over $1,000,000. Between 2014 and 2015, New York City's non-corporate medallion price dropped 45%. In 2015, the price had fallen to approximately $650,000. As of 2018, one can now purchase a medallion for less than $200,000. On July 11, 2019 sixteen medallions were offered at auction. Three sold for $137,000, $136,000 and $138,000. the other thirteen had no bidders 
Prices were once $250,000, but are now much less due to Uber and other similar services.
- Badger, Emily (20 June 2014). "Taxi medallions have been the best investment in America for years. Now Uber may be changing that". The Washington Post.
- Once a sure bet, taxi medallions becoming unsellable, USA Today, Aamer Madhani, 18 May 2015
- Under Pressure From Uber, Taxi Medallion Prices Are Plummeting, Josh Barro, The New York Times, 27 Nov. 2014
- "The Tyranny of the Taxi Medallions".
- "What to do about taxi medallions - The Boston Globe".
- Sibilla, Nick (16 August 2016). "Are taxi medallions too big to fail, too?".
- "The 'Uber Effect' Is Crushing Taxi Medallion Prices And Spilling Over Into Public Markets". 1 October 2015.
- "Episode 643: The Taxi King". 23 May 2018.
- "Welcome - Philadelphia Magazine". http://www.phillymag.com. External link in
- "3 Taxi Medallions Sold by Phila. Parking Authority, At Bargain-Basement Prices". 6 May 2015.
- "For San Francisco Cab Drivers, Once-Treasured Medallions Now a Burden". 24 September 2015.