I've just remounted a retired PO RN's medals for him in time for today's parade. He already had the GSM with clasp 'Malay Peninsula' and his Naval LS & GC. Now a very nice quality copy Silver Jublilee Medal 1977 sits between them. He is not entitled to this medal but has decided that as he was serving at the time he is just stretching a point. He certainly fits Risbutler's criteria for a retrospective award.
This is not something I would do for myself (I came out in January 1977 anyway, so could never have got the medal), but I dont really have much problem with others doing it if that's what they they want. I think this is a different thing to those Walts who claim gallantry and campaign medals to which they are not entitled, but others may disagree.