Medalists take this fortune home with them from the Tokyo Olympics.
OLYMPIC medals are nearly useless because they are no longer composed of pure metal, yet winners still take home a substantial sum of money. How much is it?
For economic reasons, Olympic medals have not been manufactured of pure metal since 1912. The Stockholm Games were the last occasion they were made entirely of pure gold.
Because it was too expensive, the Olympic organizers decided to stop using pure materials, at least for the gold and bronze medals.
Medals for the 2020 Tokyo Olympics, for example, were constructed out of recycled metal.
Olympic gold medals are currently comprised of 494 grams of silver and roughly six grams of gold, costing around £540.
Silver medals are composed of real silver, so they’ll set you back around £300.
Bronze is the least expensive of the three medals.
They’re constructed of 95 percent copper and 5% zinc or tin, and they’re only £5.
When the medals were fashioned of pure gold, however, they were extremely valuable.
An ounce of gold costs around £1,361, therefore a 500-gram Olympic medal costs around £21,586.
The cost of awarding 812 gold medals at the Olympic Games would be more than £17 million.
Although the price of a gold medal may be lower than most people assume now, if the winners want to sell them, they can earn a considerably greater price.
A gold medal sold at public auction for the record price of $1 million (£720,000).
Wladimir Klitschko, a Ukrainian boxer, decided to sell his 1996 Atlanta Olympics gold in 2012.
Japan, on the other hand, has chosen to produce its medals out of recycled metals this year.
To build the Olympic prizes, the country asked individuals to submit little used goods such as cell phones.
So far, Great Britain has won five golds, six silvers, and five bronzes at the Tokyo Olympics.
Athletes in the United Kingdom can pay for their training and receive sponsorship throughout the year.
This year, Olympic medalists from the United Kingdom received training worth between £37,000 and £57,000.