How Much Gold In An Olympic Gold Medal?
An Olympic Gold Medal is, in the words of gold winning gymnast Shawn Johnson, “as high as you can get”. But just how much gold is in that medal, and if someone were to melt their medal down, how much money could they get for it?
It turns out there really isn’t that much gold in an Olympic Gold Medal. The Olympic Charter stipulates that the gold medal must be made of at least 92.5% pure silver, and plated with at least 6 grams of gold. The medals from the Beijing Olympics are unique in that they contain a ring of jade set into the back side. Jade is a meaningful stone in Chinese culture, signifying virtue and honor.
Figuring the exact value of a medal is tricky as the price of gold and silver changes on a minute by minute basis; the value of the medal is in constant flux. Based on the current price per troy ounce during the Olympics, the gold in the medal averaged around $160. Silver averaged $14.50 per troy ounce, meaning the silver inside the medal worked out to be worth around $60. Therefore, the estimated material cost of an Olympic Gold Medal at the time of the Beijing Olympics is $220.
Of course, just like jewelry, there is a lot that goes into the value of an Olympic Gold that’s above and beyond the metal content. There is the craftsmanship and rarity, but most of all it’s the clout that gives an Olympic Gold Medal its immeasurable value, although at least one medal has been sold so far. In 2004 Polish swimmer Otylia Jedrezejczak auctioned her gold medal from the Athens Olympics as a donation to a Polish leukemia charity. Her medal sold for $82,500.
By the way, GoldCycler does not accept gold plated items. The Olympic medal is an exception to this, but we don’t expect to see any of those come in. Most items which are gold plated have no value because the amount of gold in the plating is minuscule. Same thing goes for silver. Are you wondering if you have jewelry that is gold or silver plated? See http://www.goldcycler.com/goldtesting.asp for details that can help you figure out if your jewelry contains precious metals.
