The 120-year-old medals, Britain's highest military bravery award, were found to be missing after a routine inspection at Chelmsford City Museum, Essex.
They were awarded to William McWheeney in 1857 and Francis Parsons in 1900 for their bravery in the Crimea War and Boer War.
Essex Police are trying to establish whether a theft has occurred or if they have been "located elsewhere".
Museums spokesman Marc De'ath said: "Staff at the museum are not under suspicion."

Vanishing VC medals

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