Taxi medallion
American city transferrable taxi permit / From Wikipedia, the free encyclopedia
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A taxi medallion, also known as a CPNC (Certificate of Public Necessity and Convenience), is a transferable permit in the United States allowing a taxicab to operate. Several major cities in the US use these in their taxi licensing systems, including New York City, Boston, Chicago, Philadelphia, and San Francisco.
The medallion system is a government-created intentional constraint on the supply of taxicabs, and because cities have historically increased the number of medallions at a slower rate than the growth in demand for taxis, medallions have generally been considered a valuable investment,[1][2] though recently the increased supply of cars for hire created by ridesharing companies has been eroding the value of medallions.[3][4][5]