Are gold medals really made of gold ?

The Olympic Games have their origins in the ancient Olympiads. Already at the time, the greatest athletes competed to achieve feats and be proclaimed Olympians throughout the city. This winner then received an olive wreath from the hands of the hellanodices (the judges of the time) during the closing ceremony.

Over the years, the tradition has been perpetuated, and from the end of the 19th century athletes received a silver, copper or bronze medal. At that time, the gold medal had not yet appeared, and we had to wait until the 1904 Olympics to see the very first gold medal. Whether a gold, silver or bronze medal, they were hung on a ribbon, which gave way to a chain in 1960. The design of the chain was reminiscent of ancient laurel leaves.

Today, Olympic medals are still made from precious metals. However, the symbols engraved on the obverse and reverse of the games medals change depending on the country and the type of Olympics (winter or summer). Indeed, even if the IOC validates the final choice, it gives free rein to the imagination of the host countries. We therefore saw medals in lacquer or jade, respectively in 1998 and 2008, and even different sizes and weights.

But then, are gold medals really gold ? We explain everything to you here!

The Olympic medals all have different characteristics depending on the organizing country. Indeed, for the Rio Olympic Games in 2016, the gold medal weighed 500 grams, compared to 556 in Tokyo in 2020, or 400 in 2012 in London. However, despite these disparities, the quantity of gold used for the highest distinction is always the same: 6 grams. This pure gold is applied to the medal, made of pure silver. This solution allows for great savings. The price of an ounce of gold is around 1,800 euros, which would be equivalent to offering a 500 gram medal worth 30,000 euros. Furthermore, the metal used to make the medals is primarily acquired through recycling. Thus, the environmental impact is limited.

As for the other distinctions, the silver medals are made of pure silver, and the composition of the bronze medals offers an alloy of copper and zinc.

In France, it is the Monnaie de Paris which takes care of the drawing of gold medals, and must respect the imposed creation standards. The medal must be circular in shape, with a minimum diameter of 6 centimeters and 3 mm thick.

The meaning of gold medals is strongly imbued with the ancient idea of ​​the Olympics. Indeed, for several decades, the medals were engraved with representations of Zeus, Nike (the Greek goddess of victory) or even the branches that were given to victors in ancient times. Thus, the symbolism that emanated from the gold medals referred directly to victory and excellence. This is why we also find on certain medals the Latin words “Citius, Altius, Fortius” which mean “faster, higher, stronger”. However, we could see on the latest copies notable differences between the Summer and Winter Olympic Games. Indeed, the obverse of the gold medals from the Summer Olympics has retained the mythological references with the presence of Nike and the Panathenaic stadium, symbolic of prowess. On the other hand, the gold medals from the Winter Olympics are more personalized, using symbols specific to the host countries and presenting the engraving of the Olympic rings. Thus, we can see the piazza of Turin, which is the symbol of heart and vigor, or a rising sun, symbol of birth and brilliance.

The price of gold is around 1,800 euros per ounce of gold, so we could say that the price of an Olympic gold medal is very high. Indeed, the weight of the latest creations (around 500 grams) would lead to a value of almost 30,000 euros. However, gold medals are therefore not entirely made with gold, and only 6 grams generally cover the silver, which greatly reduces the price.

However, some medalists sell their gold medals. This is how in France, one of the winners sold his medal at auction for charity. It then reached nearly 66,000 euros. Wladimir Klitschko sold his gold medal for $1 million, while Jesse Owens' medal was an even greater success. The medal was indeed sold at auction for nearly $1.5 million. Thus, the financial value of the medal is linked to its owner and his sporting exploits, and not only to the quantity of gold contained in the object.