Podium Paydays: What’s An Olympic Medal Really Worth?

Last Updated:February 12, 2026, 13:27 IST

The answer depends on how you measure value. But, just know that the metal itself isn’t the jackpot.

With the Milano Cortina 2026 Winter Olympics underway, the spotlight turns to podium finishes, national pride and an inevitable question:

What are those medals really worth?

The answer depends on how you measure value. There’s the price of the metal. The tax implications. And then there’s the far bigger currency of prestige, exposure and opportunity.

Are Gold Medals Actually Solid Gold?

Short answer: no.

Although solid gold medals were awarded starting in 1904, the practice ended after the 1912 Games.

Why? Well, gold simply became too expensive following World War I.

So now, all Olympic gold medals are mostly silver.

A modern gold medal typically contains about 523 grams of sterling silver, plated with roughly six grams of pure gold. It looks and feels substantial, but its raw material value is far lower than most people assume.

So, what about silver medals? Well, they are made from… silver. Simple.

Silver medals are made of approximately 525 grams of sterling silver, while bronze medals contain no precious metals at all, consisting largely of copper mixed with tin and zinc.

In other words, the metal itself isn’t the jackpot.

Do Olympians Pay Taxes on Their Medals?

For U.S. athletes, the answer used to be yes.

Medals, along with the prize money that comes with them, were once treated as taxable income. That changed in 2016 with the passage of the United States Appreciation for Olympians and Paralympians Act.

Under the law, most American medalists can exclude Olympic prize money from federal income taxes, provided their total income falls below a certain threshold.

The goal: prevent athletes from facing surprise tax bills after years of training with limited financial backing.

So What’s the Real Value?

If medals were valued strictly by their metal content, they’d be meaningful keepsakes — not financial windfalls.

But their true worth lies in what they unlock.

An Olympic medal can transform an athlete’s career overnight. And even years after the athleticism dies out, medalists can leverage that achievement into coaching roles, media work and leadership positions.

The gold may only be a thin layer on the surface. But the impact? That runs much deeper.

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