Tokyo Olympic medals worth: Medallists take this fortune home07/31/2021
Tokyo Olympics: Lord Coe issues warning over UK athletics
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Since 1912, Olympic medals are no longer made of pure metal, for economic reasons. The Stockholm Games was the last time pure gold was used to produce them.
Olympic organisers realised it was too expensive and decided to stop using the pure materials, at least the gold and bronze medals.
At the 2020 Tokyo Olympics, for example, medals have been made from recycled metal.
Today, Olympic gold medals are made of 494 grams of silver and around six grams of gold, meaning the price would be around £540.
Silver medals are made of solid silver which means the cost would be approximately £300.
The bronze medal is the cheapest of the three.
They are made with 95 percent copper and 5 percent zinc or tin and are worth only £5.
However, when the medals were made of pure gold, they were worth a lot of money.
An ounce of gold is approximately £1,361 so a 500 grams Olympic medal would be around £21,586.
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Awarding 812 gold medals during the Olympic Games would cost the Committee over £17 million.
Although the cost of a gold medal in the present may be way less than what people expect, if the winners wish to sell them they can get to a much higher price.
The record price for a gold medal sold in public auction was $1million (£720,000).
Ukranian boxer Wladimir Klitschko decided to sell his 1996 Atlanta Olympics medal in 2012.
This year, however, Japan has decided to use recycled metals to make its medals.
The country asked citizens to send small used objects such as mobile phones to make the Olympic trophies.
During the Tokyo Games, Great Britain has won five golds, six silvers, and five bronzes so far.
But how much do Olympic winners actually get?
America is the country that pays more money to its athletes, with the US Olympic Committee giving £18,000 to gold medallists, £11,000 to silver medallists, and £7,500 to bronze medallists.
The UK offers athletes paying for their training and funding all year.
UK Olympic medallists have received training valued between around £37,000 and £57,000 this year.
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