For the Winter Olympics in Pyeongchang, there will be more than 100 medal ceremonies for 15 different sports. There will be 260 sets of gold, silver and bronze medals being given out. However, how much are Olympic gold medals worth?
Though the U.S. and other countries pay out cash for winners, the actual amount differs. When it comes to the gold medals, U.S. recipients receive $37,000. Silver medalist receive $22,500, and bronze medalists receive $15,000.
With so many people winning during the Olympics, some have to expect that people chose to sell theirs. If not them, then their family member may sell the medals. However, it is a bit more difficult to figure the value of the medal then most think.
For the different games, different designs are made to coincide with the host’s country’s symbols and different cultures. Due to each the different in each design, the weight and medal compositions vary.
How Much For An Olympic Gold Medal?
One example is the design for the Korean medals for the Olympic games. Lee Suk-woo, the designer, chose to add the Korean alphabet into the design for the medals. Each medal, whether gold, silver or bronze, weigh one pound. They are also each an inch thick.
Those who win gold medals are not receiving a disk of solid gold. Since the very beginning, Olympic gold medals have had a gold-plating. When it comes to the Pyongyang games, the gold plating on the first place medals is only 1% percent pure gold.
If you figure in the melt value for the gold medal, it’s at about $577. Silver medals, however, are in fact pure silver and are worth around $320 on the market. There’s not too much good news for those trying to sell off their bronze medals which are of copper alloy. The bronze prizes are only worth $3.50 in melt value.