Just before the auction, the medal was valued at $100,000 but it earned three times that amount. Gold medals are actually at least 92.5 percent silver, plated with gold. the sole regulations relating to the medal layout come from the worldwide Olympic Committee, which asks that gold and silver medals be a minimum of ninety two.5 p.c. Gold medals were in fact only gold for eight years. What Are Olympic Medals Made Of? The specific composition and design of Olympic medals is determined by the host city's organizing committee. In fact, regulations state that gold medals must be at least 92.5 percent silver, and plated with as few as six grams of gold. Heritage Auctions of Dallas identified the 2010 buyer as a rancher from the western U.S. Solid gold medals were awarded in the years 1904, 1908, and 1912 even though the medals were small in size. Bronze is an alloy, whereas gold and silver are metals unto themselves. Follow Dillon Gage on Twitter @DillonGage and on Facebook http://www.facebook.com/dillongage. Although the National Olympic Committee (NOC) in each host nation gets to decide the composition of the medals, the International Olympics Committee (IOC) has set minimum standards for the gold medals. The LOCOG Victory Ceremonies team and the British Museum’s Keeper of Coins and Medals worked together on choosing a design. Funny because bronze could not be bronze without copper. Gold, silver, and bronze medals have not always been awarded. silver, and the gold medals could desire to be gilded with a minimum of 6 grams of 24-karat gold. The silver medal is sterling silver while the bronze is largely copper. The International Olympic Committee (IOC) has retroactively assigned gold, silver and bronze medals to the three best placed athletes in each event of the 1896 and 1900 Games. THE OFFICIAL 2021 MEGA RED BOOK DELUXE EDITION, LIGHTHOUSE INTERCEPT SHIELD DOUBLE ROW SLAB BOX, PROFESSIONAL LARGE TABLE TOP SCALE (4000 X .1 G), LIGHTHOUSE HIGH PERFORMANCE DIGITAL MICROSCOPE, BCW TOPLOAD HOLDERS -- LARGE CURRENCY -- PACK OF 25, Collector's Assistant - World , Ancient, US and Paper, HEAVY DUTY DOUBLE ROW SLAB/CROWN BOX (10 INCH), PLEASURE AND PROFIT: 100 LESSONS FOR BUILDING AND SELLING A COLLECTION OF RARE COINS, LIGHTHOUSE COIN CLEANING FLUID FOR ALL COINS. The last series of medals made of solid gold were awarded at the 1912 Summer Olympic Games in Stockholm. Other Awards. Artists chosen from across the UK were invited to present their designs to the London Organising Committee of the Olympic and Paralympic Games or LOCOG. Save my name, email, and website in this browser for the next time I comment. That’s about 6 grams of the 586-gram total weight, the committee told Money. TENSOR LIGHT - used by many numismatists to examine and grade coins. “This is expected to be a very big, winning year for the U.S.,” Hanlon says. Olympic medals are awarded to winners of sporting events in recognition of the achievements. Today, Olympic gold medals contain only about 1.34 percent gold… This year’s 2,300 Summer Olympic medals are being guarded at the Tower of London until the Games begin on July 27. 2012 London Olympic Gold MedalSilver prices have also surged in the last decade but are considerably less than gold at $27.00 an ounce in July, Hanlon notes. As far as actual cost goes, the gold Olympic medals at the 2010 Vancouver Games -- the heaviest on record so far -- cost about $500 a pop at the time. Wired calculated that a typical gold medal would weigh 3.35 pounds and be worth around $76,000 in terms of the pure value of the gold. For more information on Dillon Gage Metals, please visit www.dillongage.com/metals or phone  800-375-4653. Though Olympic gold is no longer 100 percent gold, a medal can still fetch big money. The silver medal is sterling silver while the bronze is largely copper. [6] [7] If there is a tie for any of the top three places all competitors are entitled to receive the appropriate medal … When assigning the first-place necklace a value, it helps to establish that the medal isn't solid gold. I am taking a look forward in your next put up, I will attempt to get the cling Olympic medals use a lot of metal but these days the gold medal is mostly silver. The 2012 medals were made by Royal Mint, owned by the British government, but it didn’t automatically receive that contract. About Dillon Gage Metals Gold medals were in fact only gold for eight years. It seems too complicated and extremely huge for me. In that process, the mint placed nearly 1,000 tons of weight on a special press. Olympic medals use a lot of metal but these days the gold medal is mostly silver. 2020 © DISCLAIMER: All content within CoinWeek.com is presented for informational purposes only, with no guarantee of accuracy. The last time the Olympic Games handed out solid gold medals was a hundred years ago at the 1912 Summer Games in Stockholm, Sweden. “I look forward to cheering our athletes on and watching the USA bring home the gold!”. Olympic gold medals haven’t been made of solid gold since 1912, after World War II caused shortages in the precious metal. CoinWeek Supplies Highlights _______________________________________________________________________. For the PyeongChang Games, the first-place medal will be plated with about 1% pure gold. The 2012 gold medal is 92.5 percent silver and 1.34 percent gold, with the rest copper. Each weighs between 375 and 400 grams, depending on the alloy, and is 85mm in diameter and 7mm thick. “Prices climbed from $300 an ounce a decade ago to $1,895 last year.” The yellow metal has declined a bit since and stands at $1,580 in July. Starting in late July, 15,000 athletes from over 200 countries will compete in the Olympics and Paralympic Games. The Royal Mint in South Wales produced the 2012 medals in a ten-hour process, using a 1,400 degree furnace. The 1912 Games of the V Olympiad in Stockholm Sweden were the last Olympics to use pure gold for the gold medals. And according to the British Museum, medals with text and images integrated on both sides have a colorful history in Europe, where they first appeared in the fifteenth century. It has a jewel-like logo on one side and Nike, the Greek Goddess of Victory, stepping out of the Parthenon on the other. Several years before that, Wells had sold his medal to cover medical expenses. Currently, Olympic gold medals are silver with a solid gold plate on top. This site uses Akismet to reduce spam.