How Much is An Olympic And A Paralympic Medal Worth?
Competing in the Olympics and winning medals is a dream come true for every Olympian. Medals are unique for emotional values more than design, size, or price. Still, many of us might wonder, how much is an Olympic medal worth? Here’s a quick check. Keep reading to know more.
Medals weren't even a thing if we look at ancient Olympic games. Interestingly, Olympians used to compete for olive wreaths as winning prizes.
It wasn’t until the Modern Olympics in 1896 and 1900 that winners started getting silver and bronze medals. Then, in the 1904 Summer Olympics, champions were awarded gold medals for the first time.
How Much Gold Is In An Olympic And A Paralympic Gold Medal?
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A Gold medal is the ultimate prize at the Olympic and the Paralympic Games. You might have wondered if it's entirely made of gold, as it's called a gold medal, right? Yes, it is made of gold, but only partially.
Only at the 1912 Olympic Games in Sweden were gold medals actually completely made of pure gold. That was also the last series of solid gold in Olympic medal.
While the name might suggest otherwise, Olympic gold medals are not entirely made of gold anymore. In fact, they're mostly silver, with a thin coating of gold. This gold layer typically has to be at least 6 grams of gold, according to IOC (International Olympic Committee).
So, basically, they are gold-plated pure silver medals. These medals are usually 60 mm to 120 mm in diameter with 3-10 mm thickness. Know the medal sizes in details.
How Much Is Olympic Gold Medal Worth?
While Olympic & Paralympic medals hold sentimental value, their worth is remarkable. Even if it's not entirely gold.
So, how much is gold medal worth? Not precisely, but they are worth $750 at least, based on the current market price of gold.
Besides the gold layer we've mentioned earlier, the remaining metal is 92.5% silver. The metal prices vary depending on the year and the host country. So does the medal's value.
For instance, in the 2022 Winter Olympics in Beijing, the gold medals were $758 worth of gold and silver at that time. Whereas, in the 2020 Summer Olympics in Tokyo Games, the gold-plated pure silver medals were of $800 (in 2020).
The gold medal of the 2020 Tokyo Olympics was of 556 gm weight, with 6 gm gold and 92.5% of the rest weight being silver. 6 gm means about the weight of 6 regular size paper clips. Here are some 1 gram weight references, just imagine them multiplied by six to get an idea about how six grams would feel.
Now in 2024 since these metal prices have seen a surge, the medal's value has changed as well. Today's USA market price per gram of silver is $0.94 and that of gold is $75. So after some calculation, you will see the 2020 medal will be priced at about $928 or so in contrast to $800 in 2022.
You can find out the medal price for other years from their weight.
This article is exclusively written for Measurement Of.
How Much Is Olympic & Paralympic Silver Medal Worth?
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Next, we have the shiny silver medals that are the prize for Olympic runners-up. They are mostly made of silver, just as their name suggests.
They're not entirely silver, though. There is 92.5% silver, and usually a small amount of other metals mixed in to make them stronger. However, unlike gold medals, there's no extra layer on top of the silver.
About their worth, silver medals would be around $450 when melted down. For example, the 2020 Tokyo Olympics Games silver medals were about $490, with a weight of about 550 grams.
If you consider the price of silver in the USA today, which is about $0.94 per gram, this same silver medal will be about $0.94 X 550 X 92.5% which totals to $478.23.
How Much Is An Olympic & A Paralympic Bronze Medal Worth?
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Unlike gold and silver medals, bronze medals are primarily made of copper (95%), with a mix of other metals like zinc and tin. This gives them their distinctive bronze hue.
Now, onto the worth of a bronze medal. Copper, while valuable, isn't as pricey as gold or silver. So, the material value of a bronze medal is generally lower.
The bronze medal in the Tokyo Olympic Games is worth around $5. Nevertheless, its sentimental value is priceless.
We may have answered "How much is gold medal worth" in the previous sections, but it was purely based on market value of the materials it is made of. When medals are auctioned for charity or other reasons, the price depends on many factors including the athlete who won it, the charity event, and the participants involved in fundraising.
Who Pays For Olympic Medals?
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After knowing all about these medals' worth, you may be wondering who foots the bill for these precious medals. Well, it comes from the funding that the IOC provides to the Organising Committee for the Olympic Games (OCOG).
The IOC doesn't give money directly to governments. Instead, it provides financial support to the OCOG. They are in charge of organizing the Games.
For example, the IOC has contributed to the recent Olympics, from Tokyo 2020 with $1.7 billion to Los Angeles 2028 with $1.8 billion.
To top it off, the OCOG has opportunities to generate revenue locally by commercializing Olympic rights and managing ticket sales.
What Do Athletes Do With Their Medals?
After receiving their medals, athletes are free to take them home with them. The medal belongs to them as they won it. So, they can choose to keep, sell, or donate it if they want to.
Some athletes proudly display their medals in their homes, treating them like treasured trophies. They might hang them on walls, or showcase them in glass cases.
Then, there are athletes who donate their medals to museums or charity auctions to raise money for good causes.
Whatever they choose to do, one thing's for sure – those medals hold a special place in the hearts of the athletes who earn them.
Do Athletes Receive Any Prize Money?
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Athletes do not receive any prize money from the Olympic Committee. However, many countries reward the winning athletes with one-time or continued monetary benefits.
United States Olympic & Paralympic Committee has announced an incentive of $37,500 for each gold medal, $22,500 for each silver medal, and $15,000 for each bronze medal won by its Olympic & Paralympic medalists in 2024 games. Previously, Paralympic medalists did not receive as much as the Olympic medalists.
Many other countries offer incentives for their players such as Canada, Australia, France, India, Malaysia, Russia, Singapore etc. However, Great Britain, New Zealand, and Norway are among the countries that offer no prize money for Olympic Games medalists.
An international sports body, World Athletics, has announced to reward every gold medalist across 48 track & field events in the 2024 Paris Olympics a prize money of $50,000. And they hope to extend it beyond these events in the future. However, the IOC has different views regarding the introduction of prize money.
Outro
Regarding the fact that medals are more about great achievement, curiosity may arise about their price and worth. But the true value of these medals always lies in the winners' stories.
