Olympic Gold

[bsshog40]

I was watching the Olympics and curiosity got the best of me about the Gold Medals. So here is the answer I found to my question. Thought I'd share it with ya'll.

 

According to the Olympic Charter, the gold and silver medals must each be made of at least 92.5 percent pure silver and the gold medal must be gilded with at least six grams of gold.

 

The price of gold changes daily. Assuming there's six grams of gold in each medal, each one would be worth about $500 at 2010 prices.

 

The remainder of the gold medal is made out of silver. The price of silver also fluctuates, but at an average of $14.50 per troy ounce, the remaining silver in the gold medal hovers around $60.

 

However, the rarity of an Olympic gold medal means that its actual value far exceeds the value of the metal required to make it. For example, in 2005 Olympic gold medal winning swimmer Otylia Jedrzejczak auctioned off her Olympic gold to raise money for a Polish children's hospital, the medal sold for $101,500.

[cpm9ball]

..........in 2005 Olympic gold medal winning swimmer Otylia Jedrzejczak auctioned off her Olympic gold to raise money for a Polish children's hospital, the medal sold for $101,500.

 

Bobby, you shouldn't be discussing things like this in a public forum. We have enough of a problem already with China counterfeiting our coins.

 

Chris

[TJ'S Coins]

Bobby, do you know if these Vancouver medals are made by the Canadian Mint? It looks like they have color overlay on them too.

[bsshog40]

I think so TJ. Here's another Link to medal designs for those that would like to read more about them.

[RWB]

6 grams does not = $500.

[bsshog40]

6 grams does not = $500.

No, more like $216 right?

[WoodenJefferson]

After winning gold in Torino, snow boarder Shaun White misplaced his medal several times, including losing it in a dresser under a book in his house. His mom even took it to the dry cleaners, with the gold medal attached, because he had got the ribbon dirty during a night out celebrating.

 

She got both the ribbon and the medal back in one piece.

[HiHoAudio]

I was watching the Olympics...

 

I am employed by the television network broadcasting the Vancouver Olympics and would like to personally thank you for watching Bobby. We can definitely use the ratings!

 

Considering the effort involved to win one of these medals I doubt that many are offered for sale. They probably are handed down from generation to generation and kept in the family.

[James_OldeTowne]

Good information! It's a good parallel discussion as to why a BU Saint is worth more than melt. It's that esoteric value that plays a big role in what they sell for.

[BillJones]

Some collectors might not know this, but every athlete who participates in the Olympics receives a participation medal. Even these medals bring good prices where they are offered for sale. I recall seeing fairly recent participation medals bringing $3,000 in New England area auctions.

[Schatzy]

 

I am employed by the television network broadcasting the Vancouver Olympics and would like to personally thank you for watching Bobby. We can definitely use the ratings!

 

 

I sorry but the coverage of the Olympics is terrible.

I think the only reason the Olympic ratings it does is because most of the other channels

have reruns on during the Olympics and continue the new episodes after the Olympics is

over. I have watch more movies this last week than I did all last month!!

 

edit:

I guess I am not the only one!!

http://deadspin.com/5472940/everyone-agrees-nbcs-olympic-coverage-sucks

http://techcrunch.com/2010/02/18/twitter-nbc-olympics-sucks/

 

 

[robec1347]

One of the parts I had to laugh at and shake my head was when the network had to apologize to the viewers while we sat through a delay during one of the ice events while workers spent close to a half hour getting it in shape. Network, this is already on a time delay, can't you friggin' skip past the delay??

[johnny9434]

I agree with Schatzy, the olympics are horrilbe to wacth. the only thing i seen around these parts is knurling ( whatever that is ). It would be nice to see more then that.

[michael]

31.1 grams = a troy ounce

 

so if there is 6 grams 24k 100% .999 fine pure gold on the olympic gold medal

 

based on the gold spot of 1120 the gold put around the silver on the gold award medal is $216.08

 

i just heard that the canadian mint is making all the olympic medals and there is lots of controversy over that and also this is the first olympics that every other word i hear about it is some sort of controversy

[comicdonna]

My wife and I were wondering how much gold was in the medals. This is very shocking to learn they are not pure gold. Only 6 grams?

[Schatzy]

My wife and I were wondering how much gold was in the medals. This is very shocking to learn they are not pure gold. Only 6 grams?

 

Could you imagine how many ounces it would take to make those big medals.

[comicdonna]

My wife and I were wondering how much gold was in the medals. This is very shocking to learn they are not pure gold. Only 6 grams?

 

Could you imagine how many ounces it would take to make those big medals.

Well, if you figure in how many years and the thousands of hours the athletes put into this (with no guarantee to participate), I think they deserve a sizeable hunk of pure gold. Possibly make the medals slightly smaller. I just looked at one of my 5 gram bars. With that small amount of gold, do they die the medal to make it the color of gold?

[bartlesvilleok]

Some collectors might not know this, but every athlete who participates in the Olympics receives a participation medal. Even these medals bring good prices where they are offered for sale. I recall seeing fairly recent participation medals bringing $3,000 in New England area auctions.

 

What are the Participation medals made of?

[MunkyMan95]

No.

 

6 grams of gold plating is actually quite a thick plating. I have other gold plated items that contain a minuscule amount of gold and are completely plated.

[physics-fan3.14]

My wife and I were wondering how much gold was in the medals. This is very shocking to learn they are not pure gold. Only 6 grams?

 

Could you imagine how many ounces it would take to make those big medals.

Well, if you figure in how many years and the thousands of hours the athletes put into this (with no guarantee to participate), I think they deserve a sizeable hunk of pure gold. Possibly make the medals slightly smaller. I just looked at one of my 5 gram bars. With that small amount of gold, do they die the medal to make it the color of gold?

 

Gold is incredibly malleable. One gram of gold can be drawn into a very large sheet. The fact that they use 6 grams means there is a rather thick layer of gold on the medals.

[bartlesvilleok]

My wife and I were wondering how much gold was in the medals. This is very shocking to learn they are not pure gold. Only 6 grams?

 

Could you imagine how many ounces it would take to make those big medals.

Well, if you figure in how many years and the thousands of hours the athletes put into this (with no guarantee to participate), I think they deserve a sizeable hunk of pure gold. Possibly make the medals slightly smaller. I just looked at one of my 5 gram bars. With that small amount of gold, do they die the medal to make it the color of gold?

 

It could also be said that the silver should be replaced with something of more value but, like someone already pointed out the value of the medal is far greater then the value of the metals in it.

 

I would be interested to know if any of the metals are made of pure gold. After all it just says that it has to be a min of 6 grams right?

[comicdonna]

My wife and I were wondering how much gold was in the medals. This is very shocking to learn they are not pure gold. Only 6 grams?

 

Could you imagine how many ounces it would take to make those big medals.

Well, if you figure in how many years and the thousands of hours the athletes put into this (with no guarantee to participate), I think they deserve a sizeable hunk of pure gold. Possibly make the medals slightly smaller. I just looked at one of my 5 gram bars. With that small amount of gold, do they die the medal to make it the color of gold?

 

Gold is incredibly malleable. One gram of gold can be drawn into a very large sheet. The fact that they use 6 grams means there is a rather thick layer of gold on the medals.

(thumbs u

[comicdonna]

My wife and I were wondering how much gold was in the medals. This is very shocking to learn they are not pure gold. Only 6 grams?

 

Could you imagine how many ounces it would take to make those big medals.

Well, if you figure in how many years and the thousands of hours the athletes put into this (with no guarantee to participate), I think they deserve a sizeable hunk of pure gold. Possibly make the medals slightly smaller. I just looked at one of my 5 gram bars. With that small amount of gold, do they die the medal to make it the color of gold?

 

I would be interested to know if any of the metals are made of pure gold. After all it just says that it has to be a min of 6 grams right?

I would be interested to know as well. However, I think we both know what the anwser is.

[Schatzy]

Why the medals aren't pure gold?

1. The Olympics are designed to foster a healthy international

competitive spirit as well as individual achievement.

 

This is a fact. The IOC clearly states this in the Charters, both past and present.

 

2. The "medal" is of extremely secondary importance (very secondary)

to the achievement of winning the athletic contest itself.

 

I don?t know if ?extremely secondary? is the right word, since a medal

DOES represent achievement over and above mere participation. The IOC

views the medal as being secondary to the HONOR; however, each

winner?s INDIVIDUAL view of the medal is a matter of opinion. While

they clearly cherish the medal though, I?d venture to say that none of

them cherish the ?metal?.

 

 

3. The "medal" has not had its composition upgraded to pure gold

apparently because it was simply established to be a gold-coated

silver medallion. Perhaps it's just not occurred to the IOC to make

it an all-gold medal.

 

Oh, they?ve thought about it alright, but the idea was quickly

rejected ? and for a reason. The gold in an Olympic gold medal (which

actually consists of a sterling silver core clad in gold) is worth

just $68.10, but officials feared souvenir-hunters or counterfeiters.

They didn?t want to dishonor the purpose of award by reducing it to a

common collector?s item or a focus of bullion investment. Tony

LaChapelle, senior vice president for sales at Reed & Barton

Silversmiths, one-time maker of the Olympic medals explained it this

way:

 

"To somebody who really wanted an Olympic medal, it's probably

priceless," said Tony LaChapelle, the company's senior vice president

for sales. "We make a lot of expensive things at Reed & Barton, but

the Olympic medals were very, very special, and we assured the Olympic

Committee that we would uphold the integrity of the medals to the

highest degree."

 

Boston appraiser, Richard Brodney, said, ?If they'll pay $400,000 for

Ty Cobb's baseball card, think of how much they'll pay for a medal?

 

The IOC clearly did not want this to happen, and to date has resisted

the solid gold medal in order to make certain that it did not.

 

 

4. What I feel wasn't addressed was this - have there been any

specific reasons they *haven't* updated the medal to solid gold? Has

anyone visibly, publicly lobbied to "upgrade" the medal?

 

I think the first part of your question was addressed above, so let?s

talk about the second part here. There have been some complainers

about the gilt gold medal but this has largely been informal rant on

the issue. I found no organized effort to petition the IOC to change

the way it has the medals made, but you can, if you search long

enough, find a few opinions about it:

 

THE TRUE OLYMPIC SCANDAL

http://www.loebner.net/OlympicF/PantsOnFire/PantsOnFireNews/TrueScandalEditorial.html

 

HUGH LOEBNER?S OLYMIC GOLD MEDAL

http://www.loebner.net/OlympicF/SydneySpeech.html

 

You can see by the url that these both come from the same source, if

this is indicative of how hard detractors really are to find.

 

As long as the Olympic Creed is recited by participants the world

over, and it?s message is take to heart, the opponents to the gilt

medal have no leg to stand on:

 

"The most important thing in the Olympic Games is not to win but to

take part. Just as the most important thing in life is not the triumph

but the struggle. The essential thing is not to have conquered but to

have fought well."

-- Pierre de Coubertin, co-author of the original Olympic Charter

 

Note the appropriate name for the site where I found this quote:

LEARN TO QUESTION

http://www.learntoquestion.com/seevak/groups/2002/sites/decoubertin/olympiccreed.html

 

 

I hope this explains the issue better.

Source Link

 

[bsshog40]

The Royal Canadian Mint will produce 615 Olympic Medals. The materials used to produce the medals consist of 2,050 grams of gold, 195,000 grams of silver and 90,300 grams of copper. The Gold medals are actually sterling silver covered with a thin coat (6 grams or .21 ounces) of pure gold.

[comicdonna]

"The gold in an Olympic gold medal (which

actually consists of a sterling silver core clad in gold) is worth

just $68.10, but officials feared souvenir-hunters or counterfeiters.

They didn't want to dishonor the purpose of award by reducing it to a

common collector?s item or a focus of bullion investment".

 

 

 

This is a good reason not to make it pure gold. I remember one of the gold medal winners (Bode Miller?) lifting the medal that was around his neck and showing the expression of "Wow" I wonder if he knew it wasn't pure gold?

[cpm9ball]

This site has replicas of the silver and bronze medals that were awarded at the Beijing Olympics. Narurally, the seller is in China and the medals do not have "REPLICA" OR "COPY" on them. I wonder why they don't list the gold medal?

 

Chris

 

http://cgi.ebay.com/Beijing-2008-Olympic-Winners-Silver-Medal-1-1-Size_W0QQitemZ250584443766QQcmdZViewItemQQptZUS_Olympics_Fan_Shop?hash=item3a57ff2b76

[comicdonna]

This guy is selling a few old gold medals, which are much closer to pure gold.

http://shop.ebay.com/richyrich1/m.html?_nkw=&_armrs=1&_from=&_ipg=&_trksid=p4340

[cpm9ball]

This guy is selling a few old gold medals, which are much closer to pure gold.

http://shop.ebay.com/richyrich1/m.html?_nkw=&_armrs=1&_from=&_ipg=&_trksid=p4340

 

I don't think those are the award medals for the participants. They are probably commemorative medals struck for the event.

 

Chris

[PerryHall]

This guy is selling a few old gold medals, which are much closer to pure gold.

http://shop.ebay.com/richyrich1/m.html?_nkw=&_armrs=1&_from=&_ipg=&_trksid=p4340

 

I don't think those are the award medals for the participants. They are probably commemorative medals struck for the event.

 

Chris

 

Agree. The award medal would have the winner's name and the event engraved on it.