Gold prices are at an all-time high — and so is the worth of an Olympic gold medal. But they will not be value as much as you’re thinking that.
Why? Gold medals aren’t manufactured from gold. Not entirely, anyway.
The gold medals being awarded on the Summer Olympics in Paris weigh 529 grams, or a bit under 19 ounces. If it consisted of pure gold, each medal would currently be value greater than $45,000 strictly based on the valuable metal it’s manufactured from selling for nearly $2,500 an oz..
Nevertheless, a lot of the metal in a gold medal is definitely silver. A report from the Olympic Studies Centre explains that only 6 grams of gold are utilized in first-place Olympic medals.
This just isn’t unique to the 2024 Summer Games: For years, the International Olympic Committee has required that gold medals be not less than 92.5% silver. Gold medals are traditionally only plated in gold. (Interestingly, all of this 12 months’s Olympic medals are also infused with a small amount of iron recycled from the unique Eiffel Tower structure, which has been replaced with latest metal slowly over time.)
Silver is value significantly lower than gold partially since it’s more common.
The melt value of 6 grams of gold is a bit under $500, while the remaining 523 grams of silver are value roughly $550. That adds as much as a bit over $1,000 in precious metals alone.
How much is a gold medal value at auction?
Olympic gold medals are generally value so much greater than $1,000, nonetheless. Bobby Livingston, executive vice chairman at Boston-based RR Auction, estimates that a gold medal won by a low-profile athlete on the 2024 Olympics in Paris would sell within the range of $15,000 to $30,000 right after the games ended.
“The precise value relies on several aspects, including the athlete’s profile, the game and the distinctiveness of the achievement,” Livingston writes in an email.
Livingston names the next as elements that determine how much a gold medal might sell for at auction:
- Historical significance: Medals won during historic events — like track star Jesse Owens’ appearance on the 1936 games in Berlin or the “Miracle on Ice” 1980 USA hockey victory over the Soviet Union — could command extremely high prices if ever sold. Considered one of Owens’ medals sold for a record high of nearly $1.5 million in 2013.
- Fame and recognition of the athlete: Buyers would pay more (possibly $100,000 or higher) for medals belonging to iconic figures like gymnast Simone Biles, swimmer Michael Phelps and runner Usain Bolt. Note, nonetheless, that “top-tier athletes rarely sell their medals during their lifetime, making such sales rare and highly beneficial,” Livingston says.
- Circumstances of the sale: “The story behind the medal can significantly impact its value,” says Livingston. “Medals sold for charitable causes or those with a well-documented history can attract higher bids.”
- Condition and presentation: As with all collectible, the physical condition of a gold medal, accompanying certificates and memorabilia, and overall presentation can affect the worth.
Most Olympic athletes spend much of their lives working in pursuit of a gold medal, so that they probably don’t need to part with their prize no matter how much it’s value. The great thing is that many Olympians — including athletes from Team USA — are rewarded with money bonuses for winning medals.
How much money Olympic gold medalists get
Beyond the worth of any medals they win, plus potential endorsement deals that may follow, Olympic athletes often receives a commission directly for putting high in competitions.
The U.S. Olympic & Paralympic Committee’s Operation Gold program makes payments of $37,500 to every Team USA athlete for winning an Olympic gold medal, plus $22,500 for silver and $15,000 for bronze. Programs in other countries offer even greater payouts: Gold medal winners from Hong Kong, Singapore or Taiwan receive the equivalent of greater than $600,000 apiece.
Other organizations award money prizes to winners in specific events. For instance, USA Wrestling’s Living the Dream Medal Fund pays $250,000 to gold medal-winning wrestlers representing the U.S., in addition to $25,000 and $50,000 for those winning bronze and silver, respectively.
World Athletics, the Monaco-based governing body for track and field, has allocated $2.4 million to pay gold medal winners on the 2024 Summer Olympics in Paris. The winners of 48 different track and field events will each get $50,000.
Similarly, the International Boxing Association announced it will make a wide range of payments for strong performance within the ring in Paris. The IBA says it is going to pay $100,000 for boxers winning gold medals — $50,000 to the athlete, $25,000 to the athlete’s national federation and $25,000 to the athlete’s coach. Silver and bronze winners get $50,000 and $25,000, respectively (with similar breakdowns in payments), and $10,000 goes to the boxers (and their teams) that are available fourth and fifth place.
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