Rock Medal is one of the two event-exclusive currencies featured in the Cosmic Rock event in Clash of Clans. It can be earned by collecting the other currency, Cosmic Shards, by performing Home Village multiplayer attacks and taking down buildings that store these shards. The Cosmic Shards you collect, the further you progress in the event's reward track and receive items, including event-limited troops and Rock Medals.
Rock Medals are used to buy exclusives that the Cosmic Rock event introduced in the Trader Shop. Note that not all exclusives offered in the shop can be purchased.
Note: This article is subjective and solely reflects the writer's views.
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How to make the most of your Rock Medals in Clash of Clans

F2P (free-to-play) gamers can collect around 4,000 Rock Medals, while those with an Event Pass can gather over 6,000 Rock Medals. All in all, you can purchase just one exclusive item with your Rock Medals. It can be the fresh Meteor Staff Equipment, Cursed Tome, or Cosmic Lantern.
The fresh Equipment can become worthwhile only if you think it can really improve your attack strategy. Players often buy the fresh Equipment in haste and later find out that it doesn't really align with their strategy. As a result, they waste their medals, and the Equipment remains unused in their inventory.
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If you choose not to purchase the fresh Equipment, you can then buy either of the decorations if you're into cosmetics. Otherwise, the best thing to purchase would Books or Ores (as many as possible).
It's highly advised that you wait for the final phase of the Cosmic Rock event before spending your hard-earned Rock Medals. Doing so will ensure you have as many medals as possible since all the giveaways conducted by COC content creators will have taken place by then.
This will help you plan your purchase better and determine what to do with the leftover medals.
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