How Much is a Gold Medal Actually Worth?
To the athlete who won it, a gold medal is priceless. But what about to you and me?
How much is all that gold worth?
As it turns out, less than you might think.
According to CNBC, the gold medal is actually made of silver with about six grams of gold plating. For the Beijing Olympics, the medal also incorporates a ring of jade, which signifies honor and virtue in Chinese culture.
As of today, the gold is worth $158.50 and the silver is worth $60, for a total value of approximately $218.50 (plus the value of the jade).
But…I’m sure Michael Phelps and Nastia Liukin could still make a killing selling them on eBay.
Kidding!
2 responses so far
lol…interesting (I wonder what it’d go for on eBay!! Would they have their medals revoked if they tried to sell them? hehe).
Do they get paid for winning medals? I know in the opening ceremonies they commented about how one leader of a country has promised “untold riches” to anyone that wins a medal….their country had never won one before. It really made me think about it, and the more I think about it the more bizarre it seems!! lol. I guess I haven’t grasped the symbolic significance yet….or something like that.
Well, there is a Polish swimmer who auctioned her gold medal off for charity for $83K or so - Otylia Jędrzejczak. I read somewhere that Poland made her a replica after that. Of course, that’s a little different.
I heard that the Chinese gymnasts’ families will benefit financially from their kids winning the gold medal, but I didn’t understand what they meant by that either. Apparently Canada is paying the athletes a set amount for each medal too? Interesting.