I wear the Cold War Commemoration Medal referred to here
Cold war history exhibition - RAF Museum with some pride on Anzac Day parades. Why? Because down here on the Mornington Peninsula some 50 kms South of Melbourne, Oz the locals were so isolated from the realities of the 1950/60's Europe and world affairs that their knowledge of the Cold War is commensurate with their knowledge of the Crimean War or the Boer War, and it helps me remind them that the Cold War was for real, irrespective of whether people died or not.
When asked I say it commemorates the time I spent manning the barricades against the Soviet hordes. I believe that those who were involved at the time took it very seriously, as did I. If we hadn't there may not have been many around afterwards to wear any actual WWIII medals awarded. The commemoration medal only gets an airing once a year, but when it does it fulfills a very worthwhile purpose.
PS. I regularly socialise with people who have no idea what the "V" Force was, have never heard of the Vulcan, and know even less of the threats posed by the likes of Khrushchev, Breznev, et al. And yes they are of a similar age to myself, so they should know.
PPS. Medals and the like aren't worn for the benefit of the wearer, unless one is taken with continuous glances in a mirror, they are worn to let others know that certain events took place, and the wearer had some direct involvement.