How Much is an Olympic Medal Worth? – Gold, Silver and Bronze: Athletes from all over the world compete in different disciplines on the biggest sports stage in the world: the Olympics. The podium will be reached by some. There is nothing more valuable than Gold, Silver, and Bronze; however, have you ever wondered about the cost of manufacturing all these medals? How much is an Olympic medal worth?
From July 23 to August 8, 2021, Tokyo will host the Tokyo 2020 Olympic Games. Then, ahead of the biggest sporting event, we’ll be able to see how the Olympic medal worth.
Gold medals have not consistently been awarded at the Olympics. For example, in 1896, the first-place team received a silver medal in the first modern Olympic Games, and the runner-up received a copper medal.
Many of the winners of the summer Olympics 1900 were awarded trophies and cups instead of medals. Medals were not awarded until 1904, when gold, silver, and bronze medals were given.
The Olympic cities that host the games decide on the design of the medals and mint them. Gold medals must contain at least six grams of gold and 92.5% silver by the International Olympic Committee.
The gold medal at the 2018 winter Olympics was 99% silver with six grams of gold plating. Since the medal contains 586 grams of silver and just 6 grams of gold, it has 580 grams of silver and 6 grams of gold.
How Much is an Olympic Medal Worth?
Gold at the Winter Olympics was worth approximately $43 per gram, while silver was worth roughly $0.60 per gram. Therefore, gold medals at the 2018 PyeongChang Olympics were worth about $606 at these prices. In 2016, gold medals from the Rio Olympics were valued at $532.
During the 2018 Pyeongchang Olympics, gold medals weighed 586 grams, 23 grams more than gold medals from the 2016 Rio Olympics. In diameter, they were 92.5 mm.
There were 102 medals awarded across 15 sports disciplines. The gold medal count for the Winter Games exceeded 100 for the first time at an Olympic Winter Games.
Among the 864 bronze medals, 475 grams are copper (95%), and 25 grams are zinc (5%). Bronze medals are not worth much intrinsically.
International Olympic Committee said that the 2018 gold medal was designed to represent the history of the Olympic Games and Olympic competitors’ spirit. Even though they may not be worth, their weight in gold, the athletes who earn medals will likely consider the rewards to be a much greater reward.
The Swedish Summer Olympics held in Stockholm in 1912 featured a gold Olympic medal designed entirely by hand.