The Olympic medals are a symbol of achievement, human spirit and endurance, as reflected in the motto of the Olympic Games.
The Paris Olympics 2024 medals blend tradition and heritage with their unique composition, celebrating both athletic achievement and French history. Here’s how much the coveted gold medal is monetarily worth.
The Olympic medals are a symbol of achievement, human spirit and endurance, as reflected in the motto of the Olympic Games.
The 2024 Paris Olympics that began with the opening ceremony on July 26, 2024, and will conclude on August 11, has the world’s foremost athletes - 10,500, to be specific - from 206 countries participating in 329 medal events, according to the International Olympic Committee (IOC).
Like every Olympics, this year’s medals, which include gold, silver and bronze, carry both historical and material value, reflecting the prestige and the cultural ethos that is associated with the Games.
According to a report in Forbes, the gold medal for the 2024 Paris Olympics is valued at approximately $950. This figure is based on the materials used in the medal: it weighs 529 grams, with more than 95 per cent of it being silver (505 grams), with just six grams of gold for plating, and 18 grams of iron.
Traditionally, the Olympic medals do not contain iron. The gold medal is made of silver and a thin plating of gold. The silver is made of silver, while the bronze medal contains copper, tin and zinc. All these medals are made according to IOC specifications in consultation with the National Olympic Committee of the host nation.
But in a departure from tradition, this time, the Olympic medals, crafted by French jeweller Chaumet, include iron from the Eiffel Tower, a cultural icon of France, and one of the most recognised architectural marvels of the modern world.
This iron was extracted from sections of the monument during a 20th-century renovation to upgrade its elevators. They were then processed in Pompey, France, through a method known as "puddling", to remove excess carbon and get nearly pure, robust iron, stripping them off their brown coating before being encased in the medals.
Incidentally, the iron retains the original shape of a hexagon as in the original Eiffel Tower. They have been encased on the observe side of the medals in the centre with six appendages.
According to the official Paris Olympic website, this addition (of iron) not only enhances the medals’ historical and cultural significance, but also connects them to the rich heritage of France and Paris.
The inclusion of this unique material adds an extra layer of prestige to the 2024 Olympic medals, the website said.
An Olympic medal can never be measured in purely monetary value. Though the amount of gold in an Olympic gold medal could be modest in terms of material value, the prestige they carry far outweigh their intrinsic worth. And like every Olympic Games, this year's medals will also remain a unique piece of heritage in the rich history of the Summer Olympic Games.