A gold medal is considered by many to be the most valuable athletic achievement in the history of sports. Only a few hundred are handed out at each edition of the Olympics, creating an extremely exclusive club. The winning athletes will often bite their gold medal to celebrate on the podium. It's become an Olympic tradition. Biting gold was once a way that traders could check the purity of their coins. It's now just an iconic pose, as athletes aren't concerned with the price of their gold medal. It's priceless for most Olympians. But have you ever wondered how much a gold medal in the Olympics is actually worth?
The Monetary Value Based on Material
The price of a gold medal is hard to determine considering the sentimental value that it holds to countries and athletes themselves. However, we can break down its monetary value based on the amount of gold, silver, and other metals included.
In modern Olympics, a gold medal contains about six percent gold. It's mostly silver with at least a 92.5 - percent purity rating. According to CNN, it's estimated to be worth about \(800. For example, the 2024 Paris Olympics gold medal weighs 529 grams. It consists of 505 grams of silver (95% of the total weight), 6 grams of pure gold, and 18 grams of iron from the Eiffel Tower. Based on the gold, silver, and iron prices on the opening day of the Paris Olympics (July 26th), the cost of the 2024 Olympics gold medal is about \)950, making it one of the most valuable gold medals in modern Olympic history, surpassing the $708 record set by the 2012 London Olympics.
The Olympics briefly awarded pure gold medals, but the price wasn't sustainable. Gold medals were introduced in 1904 and were solid gold for the 1904, 1908, and 1912 Olympic Games. The makeup of the medal switched in 1916. Prior to the 1904 Olympics, first place winners earned a silver medal and an olive branch, while second place got a bronze medal and laurel branch.
The Value of Silver and Bronze Medals
Understandably, silver and bronze medals are worth less than an Olympic gold, both in terms of emotional and monetary value.
Silver medals are made up of mostly silver at the same 92.5 percent purity rating that gold medals have. Since there's no gold in a silver medal, it's worth about \(450. In the 2024 Paris Olympics, the silver medal weighs 525 grams, containing 507 grams of silver and 18 grams of iron. Calculated according to the silver and iron spot prices on July 24th, its value is approximately \)486.
A bronze medal is by far the cheapest. In the 2024 Paris Olympics, the bronze medal weighs 455 grams and is made of 415 grams of copper, 21 grams of zinc, and 18 grams of iron, with a price of about $13.
Auction Values: Far Beyond Material Costs
Of course, the values mentioned above are just based on the cost of the metals. Olympic medals have sold for thousands, even millions at auctions. Jesse Owens' gold medal from the 1936 Olympics sold for \(1.46 million, which is the most expensive Olympic medal sold so far. Leuris Pupo’s gold medal from the 2012 Olympics was auctioned off for \)73,200. These high auction prices show that the value of Olympic medals, especially gold medals, goes far beyond the sum of their material parts. They carry historical significance, the prestige of the Olympic Games, and the remarkable achievements of the athletes who won them.
The Sentimental and Symbolic Value
For athletes, a gold medal represents years of hard work, sacrifice, and dedication. It's the ultimate recognition of their talent and perseverance in their respective sports. The journey to win an Olympic gold medal is filled with countless hours of training, setbacks, and comebacks. This emotional investment and the honor of representing one's country on the world's biggest sporting stage make the gold medal priceless in the eyes of the athletes.
For countries, Olympic gold medals are a source of national pride. They showcase a nation's sporting prowess and can boost national morale. A successful Olympic campaign with a significant number of gold medals can bring the country together and generate a sense of unity and accomplishment.
In conclusion, while we can calculate the monetary value of an Olympic gold medal based on its material composition, its true worth lies in the intangible aspects - the emotions, the history, and the honor it represents. Whether it's the \(800 - \)950 value calculated from the metal prices or the millions it can fetch at an auction, the Olympic gold medal remains one of the most coveted and symbolically rich prizes in the world.