Fancy medal or noble title (7)
I believe the answer is:
earldom
'noble title' is the definition.
(earl is a title in the nobility)
'fancy medal or' is the wordplay.
'fancy' indicates anagramming the letters.
'medal'+'or'='medalor'
'medalor' anagrammed gives 'EARLDOM'.
(Other definitions for earldom that I've seen before include "Aristocratic domain above a viscountcy but below a marquessate" , "noble title?" , "Peer's domain" , "Peer's rank" , "Noble's status" .)