The 2024 Olympics in Paris are in full swing, with athletes from across the globe striving for excellence and the coveted gold medal. While the prestige of winning gold is unmatched, the actual monetary value of the medal may come as a surprise.
According to a recent Instagram post by Wealth, the cost of a 2024 Olympic gold medal is approximately $950. The post revealed that each gold medal is primarily composed of around 500 grams of silver, coated with only six grams of gold. Designed by the renowned French jeweller Chaumet, these medals feature intricate details that reflect French heritage and the Olympic spirit.
The post detailed, "The 2024 Paris Olympic gold medal carries both historical and monetary value. Each gold medal is primarily composed of around 500 grams of silver and coated with only six grams of gold. Designed by the renowned French jeweller Chaumet, the medals also feature intricate details that symbolise French heritage and the Olympic spirit, but its actual value is not as high as you might think."
It further explained that the gold medal weighs 529 grams, with 95.4% being silver. If the medal were made entirely of pure gold, it would be valued at approximately $41,161.50. The last time pure gold medals were awarded was in 1912.
Olympians, however, value their medals beyond monetary worth. The effort and dedication required to achieve such a feat render the medals invaluable to the athletes.
International Olympic Committee regulations stipulate that Olympic gold medals must contain at least 95.4% silver (505 grams) and be plated with six grams of pure gold. Interestingly, the iron used in the medals is sourced from the Eiffel Tower. According to Oxford Economics, factoring in current prices of gold, silver, and iron, the actual value of the Paris 2024 Olympic gold medal is estimated at $1,027.
For comparison, a silver medal is worth about $535, and a bronze medal approximately $12. The intrinsic value of these medals, however, pales in comparison to the honour and achievement they represent for the athletes who earn them.
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