How much are gold, silver and bronze medals worth from the Paris 2024 Olympics

The 2024 Paris Olympics are underway, and as of this writing, American athletes are leading the medal count with a total of 88 gold, silver and bronze wins. The symbolic and historical value of an Olympic medal is incalculable, but you have to recognize it. . . haven’t you wondered what they are? actually value? I mean, could you pay off your house with one or just grab a few shopping bags? We were happy to investigate this for you from experts at the International Olympic Committee, Forbes, Oxford Economics and other authoritative sources.

24/7 Wall St. Perspectives

• Medals have only been awarded for Olympic events since 1896.
• Olympic medals are made of mixed materials to reduce their expense. The 2024 medals include pieces of the Eiffel Tower.
• They are generally worth less than $1,000 each, but command greater value at auction when associated with historically noteworthy athletes, world records or historic events.
• A faster way than training for the Olympics to get some gold is the stock market. Check: 2 Dividend Legends to Keep Forever

So what?

Ancient Olympians competed to be crowned with a literal crown of olive branches.

In ancient times, Olympic athletes competed for a crown of olive leaves that did not last long. What the crown symbolized was valuable: personal excellence, public praise and recognition, a sense of accomplishment. Today’s medals are intrinsically more valuable and durable, but still don’t compensate for the time and energy athletes put into them.

Understanding this can remind us that not everything worthwhile in life can be monetized. Sometimes we can feel frustrated if our best efforts in education, relationships, careers, and creative pursuits don’t yield the financial rewards we desire. It may help to think about the intangible benefits our efforts bring, such as life experience, character, and mental, physical, or spiritual growth. And on a mundane note, this can help you avoid overpaying for an Olympic medal if you come across one at a garage sale!

What is special about the 2024 medals?

Each of this year’s medals includes an iron centerpiece salvaged from the Eiffel Tower.

• The first modern Olympics in Athens in 1896 awarded silver and bronze medals for first and second place and none for third place.
• First place gold medals were originally awarded at the Summer Games in St. Louis since 1904.
• For the 2024 Paris Olympics and Paralympics, 5,084 medals were won.
• Designed by Paris jeweler Chaumet, the medals are 85 mm (3.34 in) in diameter and 9.2 mm (0.36 in) thick.
• All metals used in the medals are recycled.
• At the center of each is a piece of iron from the Eiffel Tower that was salvaged during renovations. They have six clips to hold the iron pieces in the medal that resemble the rivets in the Eiffel Tower.
• Each iron disc is surrounded by a gold, silver or bronze disc that is crimped to increase the reflectivity of the light and make them brighter.

Olympic gold

Yang Lee and Chi-Lin Wang won Taiwan’s first gold medals in men’s doubles badminton.

IOC guidelines require Olympic gold medals to be made of 92.5% silver (523 grams) overlaid with 6 grams of 24k gold. Oxford Economics estimates the value of these metals at around $1,027, the highest value of any Olympic medal ever awarded. If the medals were made of pure gold, their value would be around $40,000.

Scrap iron is only worth about $0.04 per pound, so the intrinsic value of the medal’s iron center is virtually zero, but its historical value as an actual relic of the Eiffel Tower could raise the desirability of any of these medals if sold. to auction in the future.

Olympic silver

Berihu Aregawi took home silver for Team Ethiopia in the men’s 10,000m race.

Like the gold medals, the second place silver medals are made of 92.5% silver. In the 2024 medals, this rises to 523 grams with a value of approximately $535. In January 2024, an 1896 silver medal (which was the top medal that year), sold for $111,960. The original recipient of this medal is unknown.

Olympic bronze

In the women’s 68kg freestyle competition, Buse Tosun Cavusoglu took home the bronze for Turkey.

Third place bronze medals weigh 455 grams and are made from a mixture of copper, tin and zinc. Oxford Economics places its value at just $4.60! Unfortunately, that’s about what a box of spam costs these days. Serious?! How about adding a 92.5% silver core to it like the other two?

Highest auction prices for Olympic medals

The backstory of an Olympic medal can make it much more valuable at auction.

Olympic medals are the kind of honor you expect to keep for a lifetime and pass down to your descendants. But not all athletes land lucrative corporate sponsorships or sell the film rights to their story. Sometimes they or their descendants find it necessary to sell their medals for more pressing needs. Simply by virtue of being actual Olympic medals, these awards can be expected to fetch more than their meltdown value. But depending on the fame and achievements of the athlete and the historical events that may be connected to that year’s Olympics, some medals can fetch hundreds of thousands or even millions of dollars. Here are some examples:

4. Bob Beamon ($441,000)

This is a photo of Bob Beamon’s record long jump in 1968.

In 1968 in Mexico City, Bob Beamon set an Olympic long jump record on his first attempt: 8.90 m (29′ 2.5 in). It shattered the previous world record by an incredible 22 inches, a record that would stand for 23 years. Beamon auctioned the medal through Christie’s on February 1, 2024. It brought a total of $441,000, one of the highest prices ever paid for an Olympic medal.

3. Luz Long ($488,000)

Luz Long and Jesse Owens walk arm in arm to the Olympic Stadium to celebrate their victories.

Luz Long was a German long jumper who won a silver medal at the 1936 Berlin Olympics. As commendable as this achievement was, it is not why he is remembered in history. At the same Olympics, African-American runner Jesse Owens angered Adolph Hitler by outpacing white athletes to win four gold medals.

That’s when Luz, whose name means “light,” let her light shine, walking arm-in-arm with Owens across the stadium in full view of Hitler and thousands of spectators. When his descendants decided to auction the medal along with other memorabilia from his life, the collection was named “Beacon of Hope”. Luz’s silver fetched $488,000.

2. Wladimer Klitschko ($1 million)

Wladimir Klitschko is considered one of the greatest heavyweight boxers in the world.

Wladimir Klitschko is a heavyweight boxer from Ukraine, considered to be one of the all-time greats of his sport. He won a gold medal at the Atlanta Olympics in 1996. He auctioned it for $1 million in 2012 to raise money to help Ukrainian children. The buyer chose to return it out of respect for his achievements.

After the Olympics, Wladimir and his brother Vitaly both became famous professional boxers, but never fought each other to keep their promise to their mother not to fight. Vitali has been the mayor of Kyiv, the capital of Ukraine, since 2014, and Wladimir served in the city’s Territorial Defense Brigade during the war with Russia.

1. Jesse Owens ($1.4 million)

Jesse Owens competed in the races, relays and long jump.

In one of the most epic Olympic victories ever, African-American runner Jesse Owens won four gold medals at the 1936 Berlin Olympics. This destroyed Adolf Hitler’s desire to use the event as a propaganda victory for to present Arian supremacy. One of the medals was passed on to a good friend and his wife. After they died, the medal sold at auction in 2013 for $1.4 million! This is the most valuable price received for any item of Olympic memorabilia in history.

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