What Is Price of Gold, Silver and Bronze Medals Given at Paris Olympics 2024? Find Out

Athletes who win medals at the Paris Olympics 2024 get more than simply gold, silver, or bronze.

By Blesson Daniel

Published on Aug 12, 2024 | 02:34 AM IST | 114.2K

Paris Olympics medals [Credit-Paris Olympics]

Athletes who win medals at the Olympics get more than simply gold, silver, or bronze. While the International Olympic Committee (IOC) does not award prize money, numerous nations do reward medalists with financial incentives and other special presents.

These incentives vary greatly over the world, with some countries granting large money and others providing unique prizes. But first, let's see what the medals truly cost.

According to IOC specifications, Olympic gold medals must be comprised of 92.5% silver (523 kilos) and 6 grams of 24k gold. According to Oxford Economics, the worth of these metals is around $1,027 (86,217.73 INR), making them the most valuable Olympic medals ever given. If the medals were made of pure gold, their worth would be about $40,000 (33,58,042 INR).

Scrap iron is only worth around $0.04 (3.36 INR) per pound, therefore the intrinsic value of the medal's iron center is nearly negligible; However, its historic importance as an authentic remnant of the Eiffel Tower may increase the appeal of any of these medals if they are sold at auction in the future.

Silver second-place medals, like gold medals, contain 92.5% silver. This corresponds to 523 grams in 2024 medals, which is worth around $535 (45057.54 INR). In January 2024, an 1896 silver medal (first place that year) sold for $111,960 (93,99,159 INR). The original recipient of this award is unknown.

Third-place bronze medals weigh 455 grams and are constructed of copper, tin, and zinc. Oxford Economics values them at only $4.60 (386.20 INR)! Unfortunately, this is roughly how much a can of Spam costs nowadays. Seriously?! How about putting a 92.5% silver core to this one, just like the other two?

Olympic medals are the type of honor you want to cherish for a lifetime and pass down to your descendants. However, not every athlete receives wealthy corporate sponsorships or sells the film rights to their narrative.

Sometimes they or their successors have to sell their medals to meet more pressing demands. These prizes are estimated to be worth more than their melt-down value simply because they are authentic Olympic medals.

However, depending on the athlete's renown and achievements, as well as historical events associated with that year's Olympics, certain medals might be worth hundreds of thousands or even millions of dollars.

Jesse Owens, an African American runner, won four gold medals at the 1936 Berlin Olympics, one of the most spectacular victories in Olympic history. This thwarted Adolph Hitler's plans to use the incident as a propaganda success to demonstrate Aryan dominance.

One of the medals was presented to a dear friend and his wife. After they died, the medal was auctioned off for $1.4 million in 2013. This is the highest sum ever paid for Olympic memorabilia.

Also Read: Why Is Jordan Chiles Stripped of Paris Olympic Bronze Medal? All You Need to Know