A gold medal is widely known as the summit of athletic achievement, referring excellence and triumph in sports. Each Olympic Games sees only a few hundred gold medals awarded, creating an elite group of athletes who achieve this honor.
The tradition of biting the gold medal on the podium has become iconic, though its origins lie in a method once used by traders to check the purity of gold coins.
Today, this gesture is more symbolic, reflecting the athlete’s pride rather than any concern for the medal’s material worth. For most Olympians, the value of a gold medal is immeasurable.
Cost of Gold Medal
Finding the exact cost of gold medal is challenging due to its strong sentimental value to athletes and nations. But its monetary value can be estimated by examining the composition of the medal itself. A gold medal is not made entirely of gold.
Instead, it contains about six percent gold and is predominantly silver, with a purity rating of at least 92.5 percent. According to CNN, the estimated value of a gold medal from the 2024 Paris Olympics is approximately $800.
Historically, pure gold medals were awarded only during the early 20th century, specifically at the 1904, 1908, and 1912 Olympic Games. The composition of medals changed after 1916, making pure gold medals unsustainable due to cost.
Before the introduction of gold medals in 1904, first-place winners received silver medals and olive branches, while second-place winners were awarded bronze medals and laurel branches.
The 2024 Paris Olympics have got a unique touch to their medals by incorporating a small piece of iron from the Eiffel Tower. While the iron itself is not particularly valuable, its origin from the Eiffel Tower adds a layer of historical and sentimental significance, making the 2024 gold medals even more special.
Value of Silver and Bronze Medals
Silver and bronze medals hold less monetary value compared to gold medals, both emotionally and financially. Silver medals, like gold medals, are made up of mostly silver with a 92.5 percent purity rating but contain no gold. This gives them an estimated worth of around $450.
Bronze medals, composed mainly of copper, are the least valuable of the three, with an estimated worth of about $5. But these values show only the cost of the materials. The actual value of Olympic medals can increase at auctions, driven by their historical significance and the fame of the athletes who won them.
As we all know that, Jesse Owens’ gold medal from the 1936 Berlin Olympics fetched $1.46 million at auction, making it the most expensive Olympic medal ever sold. Another notable sale was Leuris Pupo’s gold medal from the 2012 Olympics, which sold for $73,200.
Weight of a Gold Medal
A gold medal from the 2024 Paris Olympics weighs 529 grams. This weight includes mainly silver composition, the six grams of pure gold, and the 18 grams of iron sourced from the Eiffel Tower.
Despite its significant emotional and symbolic weight, the physical weight of a gold medal is just over one pound, making it comfortable for athletes to wear around their necks during the medal ceremonies.
Conclusion
The material value of an Olympic gold medal can be calculated at some length, its true worth is often beyond measure for the athletes who earn them.
The emotional value, the historical importance, and the unique additions such as the Eiffel Tower iron in the 2024 Paris medals all contribute to making these awards priceless treasures.
The tradition of awarding these medals continues to inspire and celebrate the height of athletic achievement, reminding us that their true value lies far beyond their material composition.
Also read: Track and Field Events Schedule at the Paris Olympics 2024
