Question of the Day: What is the scrap metal value of an Olympic Gold Medal?
- The "gold" medal is about 92.5% silver. Why do you think Olympic organizers chose this mix of metals?
- Do you think an Olympic Gold Medal is worth more than just the scrap metal value? Why?
- Will this scrap metal value change over time?
Behind the numbers (from Sunday Express):
Gold medals do vary in size - with London’s games being the largest at between 375 and 400 grams, but on the whole have average at 176.5 grams in weight. Gold medals are also not made entirely from gold - only about 6g of each medallion is made from 24-karat gold and the rest is sterling silver. This means in today’s values, the average gold medal from PyeongChang would be worth about $577.
What about the value at auction? According to Time's Money:
Today, a gold medal tends to sell at auction for between $20,000 and $50,000, says Jonathan Scheier, the consignment director of sports memorabilia at Heritage Auctions—the world’s largest auctioneer of sports collectables. Silver medals typically go for between $10,000 and $30,000, while bronze medals generally sell for less than $10,000.
Interested in spot prices for various metals (gold, silver, bronze)? Here's a good site to find current prices.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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