Forged iron-coated medal (10)
I believe the answer is:
decoration
'medal' is the definition.
('decoration' can be a synonym of 'medal')
'forged iron-coated' is the wordplay.
'forged' indicates an anagram.
'iron'+'coated'='ironcoated'
'ironcoated' anagrammed gives 'DECORATION'.
(Other definitions for decoration that I've seen before include "award" , "Medal; ornament" , "Adornment - medal" , "Flags put out" , "New Year's honour, say" .)