How much is the Olympic Gold Medals worth?
The 2016 Rio Olympic games was host to the most exciting gold medal wins by the United States. We saw Michael Phelps win a record-breaking 5 gold medals and the United States’ “Final 5” women’s gymnastics team dominating with a 1st place win – to name a few.
Although the true value of a gold metal is in the holder it doesn’t stop us from wondering – How much is that gold metal really worth?
There are many ways to look at this. The first is to look at the collector’s value.
Time.com values gold metals between $10,000 to over $1 Million depending on the seller. Boston-based RR Auction told USA Today that an average price for a “common” gold medal—from a lesser-known athlete—yields about $10,000. However according to Time.com article, How Much Is an Olympic Gold Medal Really Worth? Here Are 4 Possible Answers, rarer older metals can sell for much more. This includes a January 2016 sale that included four gold medals, with prices from $47,746.83 to $10,114.83 for gold metals.
Next you can evaluate the value of the gold itself. It’s actually valued at around $560, based on the price of gold at $43.76 per gram. This wasn’t the case for the 2012 London games that came in at a record price of $708 due to the rise in price of gold at the time.
Why isn’t it more?
Well, the gold metals are plated with only 6 grams of gold. 1912 was the last Olympic games were all of the gold metals were made of pure gold – valued at around $22,000. Nowadays each of the 812 gold metal produced by the Mint of Brazil are gold plated with 99.9% purity.
Although the cost of a gold metal may not be what we thought, it’s still a priceless piece that its winners will cherish for a lifetime.
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