Carlov Medal

From Zelda Wiki.org

The Carlov Medal is given to you by Carlov in The Minish Cap after you have collected all 136 Figurines. The item has no real value except that if you show it to the guy on the West side of the Mama's Cafe he will give you the Key to his house where you will find 600 Rupees, a Piece of Heart, and a Phonograph which you can use for a Sound Test type of thing.