How Much Are Olympic Medals Worth?

The 2026 Winter Olympics are just around the corner. Athletes from more than 90 countries are expected to compete on behalf of their homelands in a variety of winter-themed sports and activities. Hundreds of them will travel to Milan and Cortina d’Ampezzo in the northern portion of Italy.

The winners of those events, of course, will receive Olympic medals of either gold, silver, or bronze. However, the presentation of these items raises a question.

How much are Olympic medals worth?

This page examines that question. We’re going to explore both the value of each medal and the cumulative value of the medals athletes will earn. So, let’s climb the podium together!

A Brief History

First things first, Olympic medals are made from their stated metals—at least in part. They are not simply decorative or something sprayed to look authentic.

The practice of awarding medals to winners stretches back to the 1896 Games in Athens, which marked the beginning of the modern Olympics. However, the use of gold, silver, and bronze medals to award first-, second-, and third-place finishers, respectively, did not begin until the 1904 Games in St. Louis.

Furthermore, the separation of the Games into summer and winter events did not occur until the inaugural Winter Olympics in 1924 in Chamonix, France. So, the awarding of medals at this year’s Winter Games will only be the 25th time in history that Winter Olympic medals are presented.

Typically, medals awarded at Winter Games are larger than those at the Summer Games due to stricter design parameters for the latter. Early reports suggest that the 2026 medals may be up to 35 grams lighter than those used for the Paris 2024 Games, although final specifications may be adjusted before production.

Now, the Winter Games themselves are not the only events that will receive Olympic medals. The Winter Paralympics will take place promptly after the Olympic Games conclude, and its athletes will also receive their awards.

Overall 2026 Design

The design team for Milano Cortina, as the 2026 Games are branded, has created medals that pay tribute to the two elements responsible for an athlete’s journey. One half nods to the individual effort, while the other half acknowledges the family, friends, teammates, and trainers that helped the athlete prepare for their moment.

The split design also reflects the partnership between the host cities. Milan and Cortina d’Ampezzo are roughly 160 miles apart, so the Games will have a distributed feel. That said, they will still be far closer than Paris and Tahiti were for the 2024 Olympics.

No matter which medal the athlete receives, it is currently designed to measure 80 millimeters (3.15 inches) in diameter and 10 mm (0.394 inches) thick, according to preliminary design disclosures. Specifications remain subject to change before final production.

The medals are scheduled to be manufactured by the Italian State Mint and Polygraphic Institute (IPZS). In keeping with sustainability goals, all Olympic medals will be produced using recycled metals from the IPZS’ existing production processes, rather than from newly mined sources.

Please note that all metal values discussed below reflect spot prices at the time of writing. Precious metal prices fluctuate daily, so readers should recalculate values using current market pricing if needed.

Gold Medals

Perhaps surprisingly, the primary component of Olympic gold medals is silver, not gold. Based on current design specifications released by the IOC, each 2026 gold medal is expected to be cast with approximately:

• 500 grams of .999 fine silver
• 6 grams of .9999 fine gold

These specifications are subject to final approval prior to manufacturing.

Estimated Metal Value (based on pricing at time of writing):

Silver Medals

The composition of the silver medals is more straightforward. Based on current IOC-design previews, each silver medal is expected to consist of:

• 500 grams of .999 fine silver

Estimated Value:

By removing gold—small though the quantity may be—the silver medal carries approximately half the intrinsic metal value of the gold medal.

Bronze Medals

The bronze medals set to be awarded during the 2026 Winter Olympics are expected to weigh approximately 420 grams. Unlike gold and silver medals, bronze medals are not made of pure copper, but rather of bronze alloy, which typically consists of:

• ~95–97% copper, with small amounts of tin and possibly zinc

Exact composition for 2026 has not yet been formally disclosed.

Using an estimated copper-equivalent valuation:

Of course, among the three medals, bronze is worth the least in raw metal content. However, for many athletes, the bronze medal may gain the most sentimental value, accounting for its scarcity and significance in overcoming challenges.

Total Medal Values

Based on current IOC projections:

• The Winter Olympics are expected to feature approximately 116 medal events.
• The Winter Paralympics are projected to include around 79 events.
• Approximately 245 sets of medals (735 total medals) will be awarded at the Olympics.
• An estimated 137 sets (411 medals) will be awarded at the Paralympics.

Here’s the estimated total intrinsic metal value of medals based on the same pricing snapshot:

These figures are based on spot metal pricing at time of writing and official event projections. Both are subject to change.

Summary

While the near-$1 million figure above reflects the estimated raw metal value of all 2026 Olympic and Paralympic medals, it does not reflect their true worth.

Each medal represents the years of sacrifice, training, discipline, and perseverance that every athlete endures on their road to the world stage. Upon returning home, most medals become family heirlooms and irreplaceable symbols of personal triumph—far more valuable than any dollar could quantify.

This page provides a perspective on the materials and metal content of Olympic medals. But the true value of an Olympic medal lies in what it represents, not in what it’s made of.