How Much Is an Olympic Gold Medal Worth? Less Than You’d Think

The True Worth of an Olympic Gold Medal: More Than Just Gold
Gold prices are soaring, and Olympic gold medals have never been more valuable—at least, that’s what many might think. However, the true value of these prestigious medals may surprise you, as they are not made entirely of gold.
What Are Olympic Gold Medals Made Of?
The gold medals awarded at the 2024 Summer Olympics in Paris weigh in at 529 grams, which is just under 19 ounces. If these medals were made of pure gold, they would be worth over $45,000 each, given the current gold price of approximately $2,400 per ounce. However, the reality is quite different.
Olympic gold medals are mostly composed of silver. According to a report by the Olympic Studies Centre, only 6 grams of gold are used to coat the first-place medals. This composition has been standard for many years, as the International Olympic Committee mandates that gold medals must be at least 92.5% silver. The remaining percentage is gold plating. Interestingly, the 2024 medals also contain a small amount of iron recycled from the Eiffel Tower, adding a unique touch to their composition.
The Melt Value of an Olympic Gold Medal
Silver is far less valuable than gold due to its abundance. The melt value of the gold in an Olympic medal is just under $500. Combined with the 523 grams of silver, which are also worth about $500, the total precious metal value of the medal is roughly $1,000.
Auction Value of Olympic Gold Medals
While the melt value of a gold medal might be $1,000, the actual auction value can be much higher. According to Bobby Livingston, executive vice president at RR Auction in Boston, a gold medal won by a lesser-known athlete at the 2024 Paris Olympics could fetch between $15,000 and $30,000 shortly after the games. Several factors influence this price range:
Historical Significance: Medals from historically significant events, such as Jesse Owens’ 1936 Berlin Olympics or the 1980 “Miracle on Ice” hockey game, can command record-breaking prices. For instance, one of Owens’ medals sold for nearly $1.5 million in 2013.
Athlete Fame: Medals belonging to iconic athletes like Simone Biles, Michael Phelps, or Usain Bolt could be worth $100,000 or more. However, it’s rare for top-tier athletes to sell their medals during their lifetime, making these sales exceptionally valuable.
Sale Circumstances: The story behind the medal can significantly impact its value. Medals sold for charitable purposes or with a well-documented history often attract higher bids.
Condition and Presentation: Like any collectable, the physical condition of the medal, accompanying certificates, and memorabilia play a crucial role in determining its auction value.

Beyond the Medal: Financial Rewards for Olympic Champions
For many Olympic athletes, the value of the gold medal extends beyond its composition or auction potential. The U.S. Olympic & Paralympic Committee’s Operation Gold program awards $37,500 to each Team USA athlete who wins a gold medal, $22,500 for silver, and $15,000 for bronze. In some countries, the financial rewards are even more substantial. For example, gold medalists from Hong Kong, Singapore, or Taiwan can earn over $600,000.
Additionally, specific sports organizations offer cash prizes. USA Wrestling’s Living the Dream Medal Fund, for instance, rewards U.S. gold medal-winning wrestlers with $250,000, while World Athletics allocates $50,000 to each track and field gold medalist at the 2024 Paris Olympics.
The International Boxing Association also announced payments for outstanding performances, offering $100,000 for gold medalists, with a breakdown that rewards the athlete, their national federation, and their coach.