How Much Are Olympic Medals Worth and What Additional Prizes Do Athletes Receive?
Winning an Olympic medal is the pinnacle of athletic achievement, but what are these coveted medals actually worth, and what extra rewards do athletes receive?
The tradition of awarding gold, silver, and bronze medals began at the 1904 St. Louis Olympics. Since then, the designs have evolved, but the essence of honoring the top three athletes remains unchanged. While competing in the Olympics is a significant accomplishment, the financial aspects are also of great interest.
Olympic Medal Worth
Interestingly, Olympic gold medals are not made entirely of gold. The 2024 Paris Olympics medals, designed by French jeweler Chaumet, are unique as they include iron from the Eiffel Tower’s construction. The gold medal is composed of over 95% silver, with a small amount of gold. According to Forbes Australia, the value of a gold medal at the Paris Games is approximately $950, based on the spot prices of gold, silver, and iron. The last purely gold medals were awarded in 1912, and if today’s medals were entirely gold, they would be valued at about $41,161.50.
Silver and bronze medals also contain a mix of metals. The silver medal, weighing 525 grams, is valued at approximately $486, while the bronze medal, made of copper and zinc, is worth around $13.
Additional Prizes and Payments
Olympic athletes are not paid to compete directly. Instead, compensation is often provided by their national Olympic committees. For example, U.S. athletes receive $37,500 for a gold medal, $22,500 for silver, and $15,000 for bronze. In contrast, some countries offer significantly higher rewards. Singapore, for instance, awarded gold medalists $737,000 in 2021, though the country has not won a medal since 2012.
Athletes who win medals at the Paris 2024 Games will also receive a special package, including the official Paris Olympics poster and a plush mascot, Phryges.
While the monetary value of medals may not be the primary motivation for many athletes, the honor and recognition of winning an Olympic medal are unparalleled.
