Eric Holcomb writes:

"We appreciate your/ cooperation/ Barcelona Olympic Organizing Committee" (COOB is the abbreviation for the Barcelona Olympic Organizing Committee) on the obverse and "25th/ Olympiad/ Barcelona 1992" on the reverse. The tiny "M" mark with a crown over it is the mark of the Madrid mint, the Casa de la Moneda (officially, in full, the Fábrica Nacional de Moneda y Timbre); the small "XC" mark is that of the artist's initials -- for Xavier Corberó, as already stated by Eric Holcomb.

This medal is apparently the official commemorative issue that was presented to volunteers who assisted in the preparation and coordination of the events. In all, there were 16 different commemorative medals for the games. They evidently share a very similar reverse design, that of the actual statement of the occasion, the name of the games. I am not sure which one is represented by Mr. Holcomb, but the commemorative/participation medals varied greatly in their obverse themes, it seems -- mostly images relating to the city of Barcelona, which undertook major transformations of itself through the entire project of hosting the games and has since become the principal tourist destination in all of Europe, I have read.

The central logo above the traditional five Olympic rings is supposed to represent a stylized human being as a dynamic figure in an athletic stance, designed by the Catalan artist Josep Maria Trias.

This medal from the auction was specifically distributed in appreciation to volunteers. As you are probably already well aware, the Olympic games always have several different official medals. The best known are the victors' award medals, the Gold, silver and bronze versions presented for first, second and third place standings in each of the athletic competition events. Then there are always commemorative and/or participation medals, which are much more variable.

Robert adds:

Eric adds:

For more information, see:
Barcelona 1992 Olympic Official Commemorative Medals(https://en.wikipedia.org/wiki/Barcelona_1992_Olympic_Official_Commemorative_Medals)

To read the earlier E-Sylum article, see:
OLYMPIC MEDALS IN MUENZENONLINE AUCTION 16 : Lot 33: Barcelona 1992(https://www.coinbooks.org/v24/esylum_v24n43a25.html)