This song, I must admit, never did much for me. But, I believe it's because, in four years, I never bothered to sit down and actualy listen to it. Last night I played it on a compilation CD I put together (excellent segue between "My Medallion and "Madrid 2 Chicago", by the way). Listening on headphones, it's really easy to appreciate the textures and instrumentation on this track. It's very 2000 (an oddball year from Prince). Plus it's funny as do-doo.
Two things strike me as peculiar, as in, only Prince would, or could get away with doing: first of all, Prince is talking just like a young teenage girl who is in love with a bad-boy. You know, like in "Leader of the Pack"? Only Prince has reversed the gender roles. He wants her because she's so bad!
But the most hilarious thing for me about My Medallion is that here is Prince, smitten by a hottie, and the thing that comes between them is...jewelry! Yep, only Prince, and some things don't change. Reminds me of the Under the Cherry Moon premiere party back in '86 - I guess Lisa Barber never did get her pearls back from him, did she?

this used to get played at friday night dance parties at paisley all the time...

I like it. It's funny and somehow rather cool. At least it's
different from dull paintbynumbers r'n'b like SillyGame etc.

It is rumored that he wrote this song about an exotic dancer that looks very similar to Mayte.
[Edited 12/30/05 10:01am]