The price of $820 for the best in the world! How gold medals at the Tokyo Olympics are worth WAY less than you might think
- Tokyo gold medal is worth $265 more than at the 2018 Winter Olympics
- A Twitter sleuth did all the math and researched the composition of the medals
- Other Twitter users were shocked ‘an Olympic gold medal wouldn’t even cover my rent’
- ‘Replace Olympic medals with chocolate coins right now’, someone replied antwoordde
- Silver medals are worth $415 and bronzes aren’t even $7 when melted down
- Read the latest Olympic news in Tokyo, including schedule, medal table and results here
An Olympic gold medal is invaluable to athletes around the world — like Team USA’s Lee Kiefer after winning the women’s individual foil — but cash it in for dollars and you’ll only get $820
An Olympic gold medal may be invaluable to athletes around the world who spend their lives training to wear it around their neck — but cash it in and you’ll only get $820.
The coveted first prize includes 550 grams of silver and just six grams of gold coating worth $466 and $353, respectively.
Even that is even $265 more than the medal was worth when the 2018 Olympics kicked off in PyeongChang, despite there being 30 grams less silver.
We can thank inflation for that. Precious metals are worth much more today than they were three years ago.
Twitter sleuth and CNBC reporter Robert Hum did all the legwork and posted an Olympic gold medal composition table.
Surprised? You’re not the only one. So was Twitter user @CaucasianJames when he tweeted a screenshot of his Google search, saying, “An Olympic gold medal wouldn’t even cover my rent.”
Twitter sleuth and CNBC reporter Robert Hum did all the legwork and posted an Olympic gold medal composition table
“We should give them Teslas or something,” he added.
James’ tweet shocked many others and one user replied, “LOL imagine training for the Olympics to get a crappy medal.”
“Right now, replace Olympic medals with chocolate coins,” said another.
Twitter user @CaucasianJames was too when he tweeted a screenshot of his Google search saying ‘An Olympic gold medal wouldn’t even cover my rent’
Users joked that it “wouldn’t even cover Georgia’s speeding ticket” and “my high school wanted more for a class ring.” The organizers of the Olympic Games were also declared ‘cheap’.
But it would be a very different story if an athlete sold their medals, although that doesn’t happen often.
The mirror revealed that the record price for a gold medal sold at public auction was for a medal won by boxer Wladimir Klitschko at the 1996 Atlanta Olympics. It was sold for $1 million in 2012. The money went to Klitschko’s charity, and the buyer even returned the fighter’s medal as a mark of respect.
The first place prize includes 550 grams of silver and six grams of gold coating worth $466 and $353 respectively
Meanwhile, silver medals are made up of 550 grams of the metal and are worth about $415 if you melt one down.
Bronze medals are made of an alloy of copper and zinc and are worth less than $7 each.
About 2,400 medals are awarded at the Olympics and it is the responsibility of the host nation to create them. The bill comes to about $979,000.
Tokyo organizers used the entire country to help them produce the medals and keep costs down. A national campaign recycled 80 tons of old cell phones, laptops and other gadgets into 5,000 medals.
No wonder they also tweeted a cheeky reminder to tell athletes the medals are “inedible.” When it comes to posing on stage “you don’t have to bite them…but we know you still do,” the tweet read.
Team USA walked away with gold from the Tokyo Aquatics Center after the men’s 4x100m freestyle relay. Zach Apple, Blake Pieroni, Bowen Becker and Caeleb Dressel (left to right) celebrated on stage
Team USA gymnast Sunisa Lee poses with her gold medal at the podium ceremony of the women’s artistic final finale