 "All that glitters is not gold: What’s the real value of an Olympic medal?")
Olympic medals have long been symbols of athletic excellence, but what are they really worth? While the glory and prestige associated with winning an Olympic medal are immeasurable, the intrinsic value of the medals themselves varies significantly based on the materials used and the history attached to them.
The Paris 2024 Olympics have added a unique twist to this long-standing tradition, blending historical significance with modern design.
What is the composition of Olympics medals?
Despite the common belief that Olympic gold medals are solid gold, they contain very little of the precious metal. The International Olympic Committee (IOC) mandates that both gold and silver medals must be composed of at least 92.5 per cent pure silver.
For the Paris 2024 Olympics, the gold medals weigh 529 grammes, with only 6 grammes of 24-karat gold plating, while the silver medals weigh 525 grammes. Bronze medals, on the other hand, are an alloy of copper, tin, and zinc, weighing 455 grammes.
What is the value of Olympic medals?
Oxford Economics has estimated the intrinsic value of a gold medal from the Paris 2024 Olympics at $1,027 (approximately INR 86,000), while silver medals are valued at $535 (approximately INR 45,000), and bronze medals at a mere $4.60 (approximately INR 400).
The firm projects that by the 2028 Los Angeles Olympics, these values will rise to $1,136 for gold, $579 for silver, and $5.20 for bronze.
By the 2032 Brisbane Olympics, the gold medals could be worth as much as $1,612, with silver and bronze valued at $608 and $6, respectively.
Impact Shorts
More ShortsInterestingly, if an Olympic gold medal were made entirely of pure gold, it would be worth approximately $41,161.50. However, the last time pure gold medals were awarded was in 1912, making today’s medals far less valuable in terms of material alone.
What was unique about the 2024 Paris Olympic medals?
The 2024 Paris Olympics have brought a distinct flair to the medals, designed by the historic French jewelry house Chaumet. Known for creating jewels and tiaras for French and British royalty, Chaumet is the first jeweller in Olympic history to design the medals.
The 2024 medals incorporate a piece of iron from the Eiffel Tower, embedded at the centre in a hexagonal shape. This piece of iron, stripped of its brown paint, represents a connection to France’s cultural heritage and adds a layer of symbolic value to the medals.
The front of the medals features the emblem of the Paris 2024 Games, which combines the Olympic flame and the face of Marianne, a symbol of the French Republic. The reverse side depicts the rebirth of the Olympic Games in Greece, with the goddess of victory, Nike, emerging from the Panathenaic Stadium in Athens, where the modern Olympics began in 1896.
The Acropolis is also depicted, alongside the Eiffel Tower, linking the ancient origins of the Games with the French contributions to their modern revival.
For the Paralympic medals, Chaumet created a unique design that includes a graphic representation of the Eiffel Tower from an upward perspective, with the words “Paris” and “2024” inscribed in Braille. To differentiate between the medals for visually impaired athletes, the edges are engraved with dashes: one for gold, two for silver, and three for bronze.
The medal ribbons are also symbolic, adorned with the latticework of the Eiffel Tower, with blue ribbons for the Olympic medals and deep red ribbons for the Paralympic medals.
How does history play a part in the auction value of Olympic medals?
While the material value of Olympic medals may seem modest, their auction value can be extraordinary, particularly when linked to significant historical events or renowned athletes. Over the years, several Olympic medals have fetched high prices at auction, demonstrating the profound value of the stories and achievements they represent.
One notable example is the gold medal won by American long jumper Bob Beamon at the 1968 Mexico City Olympics. Beamon set an Olympic long jump record of 8.90 meters, surpassing the previous world record by an astonishing 22 inches. This medal was auctioned for $441,000 (approximately INR 3.7 crores) in February 2024, reflecting the historical significance of Beamon’s achievement.
Similarly, the silver medal won by German long jumper Luz Long at the 1936 Berlin Olympics sold for $488,000 (approximately INR 4.09 crores). Long is remembered not only for his athletic prowess but also for his public display of solidarity with African-American athlete Jesse Owens, who won four gold medals at the same Games, defying Adolf Hitler’s racist propaganda.
The most valuable Olympic medal ever sold at auction belonged to Jesse Owens himself. One of his four gold medals from the 1936 Berlin Olympics was auctioned in 2013 for $1.4 million (approximately INR 11.75 crores). This sale highlights the immense value that historical context can add to an Olympic medal.
Another notable auction was the gold medal won by Ukrainian heavyweight boxer Wladimir Klitschko at the 1996 Atlanta Olympics. Klitschko auctioned the medal in 2012 to raise money for Ukrainian children, and it fetched $1 million (approximately INR 8.4 crores). In a gesture of respect, the buyer returned the medal to Klitschko, acknowledging both his achievements and his charitable efforts.
What is the ’true value’ of Olympic medals?
The true worth of an Olympic medal transcends its material composition. While the intrinsic value of the metals used in the medals can be calculated in dollars and cents, the real value lies in the memories, achievements, and historical significance attached to them.
The 2024 Paris Olympics, by incorporating pieces of the Eiffel Tower into the medals, creating a tangible connection between the athletes and France’s cultural heritage.
As the years pass, the value of Olympic medals is likely to increase, not only due to rising metal prices but also because of the stories they carry. For athletes, these medals represent years of dedication, sacrifice, and the pursuit of excellence. For collectors and historians, they are priceless artifacts that capture the spirit of the Games and the moments that define them.
In the end, whether made of gold, silver, or bronze, Olympic medals are far more than just pieces of metal; they are symbols of human achievement and the enduring legacy of the Olympic Games.
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