As the Milan Cortina 2026 Winter Olympics approach, organizers have unveiled the newly designed Olympic and Paralympic medals. That reveal always sparks the same question.
How much is an Olympic gold medal actually worth?
Precious-metals wholesaler Dillon Gage Metals decided to answer it, using math, metal specifications, and current market prices.
The result may surprise even seasoned collectors.
Olympic Gold Medals Are Not Solid Gold
Despite the name, Olympic gold medals are not made of solid gold.
Under rules set by the International Olympic Committee, gold medals must be composed primarily of silver and finished with a thin gold plating.
Dillon Gage examined the official size and weight specifications for the Milan Cortina 2026 medals. From there, the firm calculated two values:
- A theoretical value for a medal cast entirely in gold
- The actual metal value of the medals awarded at the Games
Each calculation relies strictly on metal content and stated spot prices.
What If the Medal Were Solid Gold?
Using the dimensions of the Milan Cortina silver medal, Dillon Gage calculated the following:
- Estimated volume: approximately 47.6 cubic centimeters
- Estimated gold content (if solid): about 919 grams
At a stated gold spot price of $4,967.90 per troy ounce, a solid-gold medal of that size would carry an estimated metal value of approximately $146,800.
This figure reflects metal content only. It does not account for craftsmanship, design, or historical significance.
Metal Value of the Actual Milan Cortina 2026 Medals
Dillon Gage also calculated the approximate metal value of the medals athletes will actually receive, based on current spot prices provided by the firm.
Gold Medal
- Composition: 500 grams of .999 silver, plated with 6 grams of .9999 gold
- Estimated metal value: approximately $2,357.56
- Prices used:
- Silver: $87.00 per troy ounce
- Gold: $4,967.78 per troy ounce
Silver Medal
- Composition: 500 grams of .999 silver
- Estimated metal value: approximately $1,398.96
- Price used: $87.00 per troy ounce
Bronze Medal
- Composition: 420 grams of copper
- Estimated metal value: approximately $5.46
- Price used: about $5.90 per pound
All figures reflect spot prices cited by Dillon Gage at the time of calculation.
Why This Question Keeps Coming Up
“The value of gold medals is a curious inquiry we receive, especially around the time of the Olympics,” said Terry Hanlon, president of Dillon Gage Metals.
“It’s one of the most recognizable medals in the world, so it’s natural for people to wonder what it’s made of and what it’s actually worth. While Olympic gold medals are not solid gold, the silver content alone carries far more value today than it did just a few years ago, reflecting how much precious-metal markets have changed.”
Design, Symbolism, and Sustainability
The Milan Cortina 2026 medals were designed by a multidisciplinary team led by Raffaella Paniè and produced by the Italian State Mint and Polygraphic Institute (IPZS).
The design features a split surface. It places emotion and teamwork at its core.
According to organizers, the two halves symbolize:
- The union of Milan and Cortina
- The shared Olympic and Paralympic values
- The collective effort behind every athletic achievement
Each medal measures 80 millimeters in diameter and 10 millimeters thick.
Organizers have also emphasized sustainability. The production process uses recycled metals, renewable energy, and FSC-certified packaging.
Metal Value vs. Meaning
While a hypothetical solid-gold medal may reach six figures, Dillon Gage emphasized that Olympic medals are not meant to be valued for their metal content.
No matter where gold or silver prices move, the chance to compete on the Olympic stage remains beyond calculation.
About Dillon Gage Metals
Dillon Gage Metals is headquartered in Dallas. The firm has served precious-metals dealers and financial institutions worldwide for nearly five decades. It operates as a leading wholesaler of physical precious metals.
More information is available at dillongage.com.
Olympic medals are worth whatever someone is willing to pay.