Chasing the Dream: An Olympic Gold Medal

This summer in Paris, 10,500 of the best athletes from around the globe will compete across 32 different sports for the ultimate prize: an Olympic gold medal.

As billions of viewers around the world watch the hope, glory and defeat, competing at the Olympic Games is the moment these athletes trained a lifetime for.

To these athletes, the value of winning a gold medal at the Olympic Games could never be measured in dollars, but the intrinsic value of the medal most certainly can.

So, just how much is an Olympic gold medal actually worth?

If the Olympic gold medals awarded to the victors this summer in Paris were made of pure gold, the intrinsic value would be just north of $41,000.

Spoiler alert. The gold medals aren’t made of pure gold.

Due to the surging value of precious metals prices over the decades, the last time pure gold medals were given out was in 1912.

Today, the cost of the combined metals in a 2024 Olympic gold medal totals about $950. That includes gold, silver and even a piece of iron from the Eiffel Tower in Paris! Both the gold and silver medals are made with over 95% silver.

Looking Back

The history of the Olympic Games has deep roots in ancient Greece, beginning in 776BC. Spanning twelve centuries, the games took place every four years.

From farmhands to soldiers and royal heirs, all free Greek males were allowed to compete in the games. The cherished event lasted five days and included competitions for running, jumping and throwing, boxing, wrestling, pankration (a combination of boxing and wrestling) and chariot racing. It is estimated that 40,000 spectators packed into the stadium each day to witness the dramatic events.

There are a few differences in the Olympic rules from back then to today.

For example, at the ancient Greek Olympic Games all athletes competed naked as a tribute to the Greek God Zeus. They wanted to show off their physical power and muscles to the gods.

Back then, there was no first, second and third place—only one winner for each event. Instead of a medal, the winner received a crown made of olive leaves. Plus, once they arrived back in their hometown, they were given a cash gift roughly equivalent to $100,000 today. Not too shabby.

Other differences between the ancient games and today? Corporal punishment was given to those guilty of a false start on the track. And, for athletes competing in combat sports, surrender was achieved by raising their index fingers. Sometimes, the athletes died before they could do this. Thankfully, times have changed.

Just Like Rare Coins, Olympic Medals Feature Unique Designs

So, what’s featured on modern Olympic medals? According to tradition, the design of the Olympic medals falls to the host city’s organizing committee. That means every Olympic Games medals feature a different and unique design, just like rare coins! The Paris 2024 medals feature the Olympic flame, and the face of Marianne—a cherished symbol of the revolution and the people of France. The words “Paris Olympics” and the Olympics logo of five rings are featured under the emblem.

Check out a few photos below of past Olympic medals.

Beijing 2022

London 2012

Atlanta 1996

All medal images courtesy of Olympics.com

Want to read more? Subscribe to the Blanchard Newsletter and get our tales from the vault, our favorite stories from around the world and the latest tangible assets news delivered to your inbox weekly.