PARIS, France — For athletes across the world, there is perhaps nothing more rewarding than flashing an Olympic gold medal for people back home to “ooh” and “ahh” at.
But despite the prize's brilliance, there seems to be a few reasonable questions floating among spectators: Is a gold medal really made of gold? And just how much is a gold medal worth?
The answer is a bit more nuanced than it seems, given that Olympic medals have changed throughout the course of history.
Origins of Olympic gold medals
The awarding of medals is a relatively new tradition: winners of games in Ancient Greece were traditionally donned with an olive branch wreath, according to the International Olympic Committee.
It was not until the first modern Olympic games in 1896 that the tradition of bestowing medals to winners actually began, according to History Extra. However, first place medals were designated as silver medals; those in second place received a bronze medal and there were no tokens for third-place contestants.
The first gold medals were not awarded until the St. Louis Summer Games in 1904, according to the IOC.
Is the gold medal made of real gold?
The simple answer is yes...and no.
While gold medals are plated with a pure gold sheet, it is not the primary element used. The IOC requires gold and silver medals to be made with a minimum of 92.5% pure silver.
The first place medals for the Paris 2024 Olympics include six grams of gold plating and weigh 529 grams total, while the silver medals weigh 525 grams.
Each of the Paris Olympics medals also include real iron pieces embedded in the center from the Eiffel Tower. They were cut from girders and other bits that were swapped out of the Eiffel Tower during renovations and stored for safekeeping, according to Joachim Roncin, head of design at the Paris Games organizing committee.
Paris jewelry house Chaumet designed the medals. Six small clasps that hold the iron pieces in the medals are a wink at the 2.5 million rivets that bind the Eiffel Tower together.
Around the iron pieces are disks of gold, silver or bronze. They’re crinkled to reflect the light, making the medals shine. Games organizers say the metal is all recycled, not newly mined.
How much is a gold medal worth?
Every medal’s value depends on the current market price of precious metals.
During the 2022 Winter Olympics, the price of gold and silver meant the medals were worth around $750 on the basis of their gold and silver content.
The medals' sentimental value for athletes is often priceless, but the rarity and prestige can make them a valuable collector's item. Some medals have been auctioned off years later for tens of thousands of dollars.