Winning an Olympic medal is a matter of pride and prestige for every country. India won five medals in four sports at the 2024 Paris Olympics. India won three medals in shooting, one in hockey and one in javelin throw. Neeraj Chopra won India its first-ever gold medal in athletics. Arshad Nadeem of Pakistan won the gold medal while Neeraj Chopra won the silver medal. India thus finished with four medals - one silver and two bronze. However, many people wonder what the real value of these medals for Olympic winners is. Let us know in detail about the history of these medals, the price of these medals in the auction, etc.
The composition of the Olympic medals
Many people believe that Olympic gold medals are made of gold, but the truth is that there is very little gold in them. The International Olympic Committee (IOC) has said that at least 92.5 per cent pure silver is used in gold and silver medals. At the Paris 2024 Olympic Games, each gold medal weighed 529 grams, with only six grams of 24-carat gold enamel on it. The weight of each silver medal was 525 grams. The bronze medals, weighing 455 grams each, were made of 95 per cent copper and five per cent zinc.
Oxford Economics estimated the value of the gold medal at the Paris 2024 Olympics at $1,027 (Rs 86,000), the silver medal at $535 (approximately Rs 45,000) and the bronze medal at $4.60 (approximately Rs 400). These prices will change until the 2028 Los Angeles Olympics. The gold medal will be worth $1,136, silver $579 and bronze $5.20. Interestingly, if the Olympic gold medal is made entirely of pure gold, then its value will be approximately $41, 161.50. The last gold medal was made of pure gold in 1912.
What's at stake for the 2024 Paris Olympics?
The 2024 Paris Olympic Games brought a difference in the medals; designed by the historic French jewellery house 'Chaumet'. This jewellery house is known for making jewellery and crowns for the French and British royal families. For the first time in the history of the Olympics, a jewellery house designed the medals. The figure of the Eiffel Tower, which was included in the 2024 medal, was given a hexagonal shape in the center of the medal. This figure of brown color symbolizes the connection of the cultural heritage of France and adds symbolic value to the medal. On the obverse of the medals was given the emblem of the Paris 2024 tournament. The Acropolis was also depicted alongside the Eiffel Tower, which connects it to the origins of the ancient games and the contribution made by the French to the modern revival of these games.
For the Paralympic medals too, Chaumet created a unique design that has' Paris' and '2024' inscribed in Braille. Also in these medals there is a figure of the Eiffel Tower. To distinguish the medals of visually impaired athletes, the corresponding designs are engraved. The ribbons of the medals are also symbolic. There is also a picture of the Eiffel Tower. There are blue ribbons for Olympic medals and red ribbons for Paralympic medals.
Olympic medals to be sold at auction
Although the physical value of Olympic medals may seem small, their auction value is in the homes of billions; especially of medals linked to important historical events or famous athletes. Over the years, many Olympic medals have fetched high prices at auctions. A notable example of this is the gold medal won by American Bob Beeman in the long jump event at the 1968 Mexico City Olympics. Beeman set a long jump record of 8.90 m at the Olympics, surpassing world records in history. The medal was auctioned in February 2024 for $4,41,000 (approximately Rs 3.7 crore).
Similarly, the silver medal won by German Luz Long in the 1936 Berlin Olympics in the long jump event was sold for $4,88,000 (approximately Rs. 4.09 crore). Long is known not only for his athletic prowess, but also for showing solidarity with Jesse Owens, an African-American athlete who defied Adolf Hitler's racist propaganda and won four gold medals in a single event. That's why this award is special. The most valuable Olympic medal sold at the auction was Jesse Owens. One of his four gold medals from the 1936 Berlin Olympics was auctioned for $1.4 million (approximately Rs. 11.75 crore) in 2013.