Here’s how much the Olympic gold, silver and bronze medals are worth, and the extra prizes athletes will earn when they step onto the podium at the 2024 Summer Games

While all Olympic athletes are chasing the gold medal, some aim for much more!

While qualifying for the 2024 Summer Olympics is a lifetime achievement, the biggest goal for nearly 3,000 athletes competing in 32 sports is undoubtedly to get on the podium and win a medal.

The tradition of awarding medals was first introduced during the 1904 St. Louis Olympic Games – gold for first place, silver for second place, and bronze for third place. The award distribution continued over the years, but the designs of the medals varied depending on the Olympic host city.

Medals not only attract the eyeballs of the competitors, their almost unattainable allure also attracts the Games’ viewers from around the world. Many people wonder about the value of medals, and questions are also raised about the wages that athletes receive in addition to the medals.

Whether or not athletes get paid to compete in the Olympics has been a hotly debated topic for years. Many Olympians have shared their experiences trying to make ends meet while training to be the best in the world at their sport.

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The U.S. women’s water polo team in particular was among the athletes who brought the issue to the forefront this year. Team captain Maggie Steffens has previously shared her own struggles and those of her teammates, who she said are working multiple jobs to pursue their Olympic dreams.

“Is this real, is this reality?” Steffens said in part as he listed the challenges he and his teammates faced. “Water polo is my whole world. It’s a family sport. It’s not just my passion. It’s not just a hobby. It’s my life, it’s become my life and it’s been a gift to me.”

After hearing their story, rapper Flavor Flav stepped up to help fund the U.S. women’s water polo team and also helped track and field discus thrower Veronica Fraley pay the remainder of her rent, although Fraley informed X (formerly Twitter) that she was unable to do so.

Read on to learn more about whether Olympic athletes get paid, how much their medals are worth, and other awards given on the podium.

Are Olympic athletes paid?

In short, Olympic athletes are not paid to compete. The International Olympic Committee told NBC Insider that a “for-profit business model” was never the goal for the Games.

If this were the case, the IOC hypothesised, “the event would be limited to the most significant revenue-generating sports and would not include athletes representing teams from the 206 National Olympic Committees… There would be no Olympic Games as we know them.”

Still, athletes can make money in other ways. In fact, NBC reports that “Olympians are paid directly by their country’s respective Olympic competition committee.”

However, this does not apply to all athletes competing in the Olympics, as they are essentially only paid when they win a medal. “Team USA athletes who win a medal will be paid by their country’s Olympic committee,” Forbes“But most American athletes don’t get paid to compete.”

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According to this USA Today SportsThe US payout process is considered “Operation Gold” by the USOPC. “Athletes will earn $37,500 for each gold medal in Paris, $22,500 for each silver and $15,000 for each bronze,” the organization reports.

Compared to other countries, the salaries paid to American athletes are on the lower end of the spectrum. USA Today Sports A country-by-country pay survey of gold medalists was conducted, with Serbia topping the list ($214,900) and Australia last ($13,340).

Singapore, meanwhile, pays its athletes much more. CNBC reported that the country paid $737,000 to gold medalists in 2021, but the country has not won an Olympic medal since 2012. Serbia, Malaysia and Morocco pay around $200,000 to $215,000 for gold.

What do athletes who come first in the Olympics earn?

Athletes are awarded gold medals for winning first place at the Olympics; a tradition that began at the St. Louis Games in 1904. The medals are customized each year, and according to the official Olympic website, the design is “the responsibility of the host city’s organizing committee.”

The 2024 Paris Olympics have made history with their medals designed by expert French jeweller Chaumet. For the first time in the history of the Games, the medals are decorated with the original iron used in the construction of the Eiffel Tower.

In addition to receiving a gold medal when they step onto the podium, the first place winners also receive a long, narrow package containing the official Paris Olympics poster, designed by illustrator Ugo Gattoni.

Winners will also receive a medal-winning stuffed Phryges, the official mascot of the 2024 Paris Games.

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How much is an Olympic gold medal worth?

Surprisingly, Olympic gold medals are not 100% gold. Also, this year, with the unique Eiffel Tower incorporating the element iron, various publications are reporting that over 95.4% of the medal is actually made of silver!

According to this Forbes AustraliaThe Olympic gold medal weighs 529 grams. “The podium cost of the 2024 Olympic gold medal is approximately $950, based on the spot price of gold, silver and iron on the morning of July 24 and the amount of these materials used for the medal,” the publication says.

The last time a first prize medal was made entirely of gold was in 1912. If pure gold medals (85 millimetres wide and 9.2 millimetres thick) were handed out today, Forbes “Its value will be approximately $41,161.50,” it was reported.

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How much are Olympic silver and bronze medals worth?

Similar to gold medals, silver and bronze medals are not 100% pure. The silver medal weighs 525 grams (507 grams of silver and 18 grams of iron), while the bronze medal weighs 455 grams (415.15 grams of copper, 21.85 grams of zinc, and 18 grams of iron).

According to the silver and iron spot price on July 24, Forbes AustraliaThe silver medal is worth about $486. The bronze medal has a podium value of about $13.

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Read the original article at People.