How Much Is an Olympic Gold Medal Worth? Less Than You'd Think
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Gold prices just reached an all-time high — and Olympic gold medals have never been more valuable. But they may not be worth as much as you think.
Why? Gold medals aren’t made of gold. Not entirely, anyway.
The gold medals being awarded at the Summer Olympics in Paris weigh 529 grams, or a little under 19 ounces. If it consisted of pure gold, each medal would currently be worth more than $45,000 strictly based on the precious metal it's made of selling for about $2,400 an ounce.
However, most of the metal in a gold medal is actually silver. A report from the Olympic Studies Centre explains that only 6 grams of gold are used in first-place Olympic medals.
This is not unique to the 2024 Summer Games: For years, the International Olympic Committee has required that gold medals be at least 92.5% silver. Gold medals are traditionally only plated in gold. (Interestingly, all of this year’s Olympic medals are also infused with a small amount of iron recycled from the original Eiffel Tower structure, which has been replaced with new metal slowly over time.)
Silver is worth significantly less than gold in part because 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 worth another $500. That adds up to $1,000 in precious metals alone.
How much is a gold medal worth at auction?
Olympic gold medals are generally worth a lot more than $1,000, however. Bobby Livingston, executive vice president at Boston-based RR Auction, estimates that a gold medal won by a low-profile athlete at the 2024 Olympics in Paris would sell in the range of $15,000 to $30,000 right after the games end (this year's closing ceremony is set for Aug. 11).
“The exact value depends on several factors, including the athlete's profile, the sport and the uniqueness of the achievement,” Livingston writes in an email.
Livingston names the following 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 at 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. One of Owens' medals sold for a record high of nearly $1.5 million in 2013.
- Fame and popularity 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, however, that “top-tier athletes rarely sell their medals during their lifetime, making such sales rare and highly valuable,” 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 any collectible, the physical condition of a gold medal, accompanying certificates and memorabilia, and overall presentation can affect the value.
Most Olympic athletes spend much of their lives working in pursuit of a gold medal, so they probably don’t want to part with their prize regardless of how much it’s worth. The good thing is that many Olympians — including athletes from Team USA — are rewarded with cash bonuses for winning medals.
How much money Olympic gold medalists get
Beyond the value of any medals they win, plus potential endorsement deals that might follow, Olympic athletes often get paid directly for placing high in competitions.
The U.S. Olympic & Paralympic Committee’s Operation Gold program makes payments of $37,500 to each 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 bigger payouts: Gold medal winners from Hong Kong, Singapore or Taiwan receive the equivalent of more than $600,000 apiece.
Other organizations award cash prizes to winners in specific events. For example, USA Wrestling's Living the Dream Medal Fund pays $250,000 to gold medal-winning wrestlers representing the U.S., as well as $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 at 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 would make a variety of payments for strong performance in the ring in Paris. The IBA says it will 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 come in fourth and fifth place.
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