“A symbol of excellence, a source of motivation, of surpassing oneself and of ultimate achievement, medals are much more than objects: they represent the apotheosis in the career of elite athletes.” (Tony Estanguet, President of Paris 2024)
The Paris 2024 Olympics or 2024 Summer Olympics, which started from July 26 and ended in August 11, brought together around 10,714 athletes from 204 countries (including AIN and Refugee Team) who competed in 329 medal events.
As a measure of an athlete’s achievement, human spirit, and endurance, the Olympic medal has its historical and material value.
An Olympic medal is traditionally representing an athlete’s victory and glory that reflects back to one’s home country. It is primarily a symbol of the Olympic spirit rooted on tradition and history from the first Olympic Games in 776 BC at Olympia in Greece, and more formally from Athens 1896 Olympics -- the first international Olympic games held in modern history.
But is there really gold in the Olympic gold medal? Moreover, what is the metallic composition of the silver and bronze medals? And overall, what is the monetary worth of these medals, particularly the gold medal?
On February 8, 2024, The Paris Organising Committee for the 2024 Olympic and Paralympic Games (POCOG) unveiled to the public the medal design for the 2024 Olympic and Paralympic Games.
In designing the medals, members of the Paris 2024 athletes’ commission worked with the renowned Parisian jewelers Chaumet. The manufacturing of the medals is undertaken by the Monnaie de Paris; the world's longest continuously running mint.
What makes the Paris 2024 Olympics medal unique is that a fragment of the Eiffel Tower is placed at the center of the medal.
“For the first time in the history of the Games, each Olympic and Paralympic medal is adorned with a highly symbolic and priceless piece of metal: the original iron from the Eiffel Tower,” according to the media release of the Paris 2024 Organising Committee.
“Erected to amaze the world at the 1889 Universal Exhibition, the Eiffel Tower is made entirely of a special type of iron known as ‘puddle’ iron. Manufactured in the forges and blast furnaces of Pompey in Lorraine, the cast iron produced by reducing iron ore is refined by an operation called ‘puddling’. By removing the excess carbon still present in the cast iron, the resulting iron is almost pure and extremely strong.”
The structure of the Eiffel Tower had undergone renovation work during the twentieth century. During the renovation, metallic elements were removed from the Dame de fer and have been carefully preserved ever since.
During the construction of the Eiffel Tower for the 1889 Universal Exhibition, the material of choice for the structure is cast iron. However, as part of the tower’s upkeep, much of the cast iron used was replaced over the twentieth century. These materials were preserved by the operators; the Société d’Exploitation de la Tour Eiffel.
The Paris 2024 Olympic Games provided an opportunity to give the material a new purpose – to be incorporated in the design and composition of the Olympic medals.
“For the Olympic and Paralympic Games Paris 2024, the Société d’Exploitation de la Tour Eiffel is giving these veritable pieces of the history of Paris and France a second lease of life.”
The traditional Olympic medals do not contain iron. Therefore, the additional iron from the metal fragment of the Eiffel Tower for this year’s Olympic medals is a unique feature. The Eiffel Tower is a cultural icon of France, and one of the most recognised architectural marvels of the modern world.
Throughout history, France has been known for their innovation in science, technology, art, music, and more. Breaking away from the traditional Olympic medal, they wish the give the victorious athletes a special part of the French culture and history to bring home with them to their home country.
“By placing fragments of the Eiffel Tower at the center of its medals, Paris 2024 hopes to leave athletes with an unforgettable memory of the Games, of Paris and of France.”
According to the official Paris Olympic website, this addition (of iron) not only enhances the medals’ historical and cultural significance, but also connects them to the rich heritage of France and Paris. [2]
The inclusion of this unique material adds an extra layer of prestige to the 2024 Olympic medals, the website said.
The medal for the Paris 2024 Olympics has a diameter of 86mm, thickness of 92mm, and 18g Eifel Tower Insert. In terms of weight, the gold medal weighs 529g, the silver medal is 525g, and the bronze medal is 455g.
To determine its material value of the gold medal, the 529g of metal is composed of more than 95% silver (505g), and just 6g of gold for plating, plus 18g of iron from the metal fragment of the Eiffel Tower. Therefore, according to a report in Forbes, the gold medal for the Paris 2024 Olympics is worth approximately $950.
In summary, the gold medal is made of silver plus a thin plating of gold. A silver medal is made of silver, while the bronze medal contains copper, tin, and zinc.
These medals are made in accordance to the specifications of the International Olympic Committee (IOC) and in consultation with the National Olympic Committee of the host nation.
More on the medal’s craftsmanship, the iron retains the original shape of a hexagon as in the original Eiffel Tower. They have been encased on the observe side of the medals in the centre with six appendages. [2]
Looking at the medal’s front design, the cast iron is reforged in hexagonal ingots that sit at the center of the medal. The shape is a geometric representation of France; a country that also goes by the nickname, L'Hexagone. The hexagon is also embossed with the games' emblem.
French people often refer to Metropolitan France as L'Hexagone or The "Hexagon", because of the geometric shape of its territory.
“At the six corners of the ingot sit hobnail-like embossing in the 'Clous de Paris' style, chosen for its resemblance to the rivets used in the Eiffel Tower. The hexagon is cut to appear as if it is held within the medal with a ‘claw setting’, a common method of setting gems in jewelry by Chaumet.” [1]
Looking at the artwork on the reverse side of the Olympic medal, it follows the standard for Summer Olympic Games medals with the Greek goddess of victory Athena Nike against the Panathenaic Stadium in Athens. This is a commemoration of the origin of the modern Olympic Games in 1896.
The design also includes the Olympic Rings and the text 'JEUX DE LA XXXIIIe OLYMPIADE - PARIS 2024' set in the Paris 2024 custom font. [3]
Another unique and non-traditional feature of this medal is the inclusion of the Eiffel Tower, opposite the Acropolis. [3]
In closing, Outlook Business website commented, “An Olympic medal can never be measured in purely monetary value. Though the amount of gold in an Olympic gold medal could be modest in terms of material value, the prestige they carry far outweigh their intrinsic worth. And like every Olympic Games, this year's medals will also remain a unique piece of heritage in the rich history of the Summer Olympic Games.”
References and Photo credits:
[1] medal’s design - https://logos.fandom.com/wiki/Paris_2024/Medals?file=Paris2024Oly_MedalsObverse.png Carlo Yulo’s photo - https://www.kollectivehustle.com/blog/10-key-moments-that-brought-carlos-yulo
[2] Outlook Money (Aug. 7, 2024). Outlook Business. "Paris Olympics 2024: How Much Is A Gold Medal Really Worth". https://www.outlookbusiness.com/personal-finance-news/paris-olympics-2024-how-much-is-a-gold-medal-really-worth?fbclid=IwY2xjawEzs5xleHRuA2FlbQIxMAABHbatJF5Wct8fEhQo98EoW7O5NxMkKkoHUA7qv6qSY6KVO850MZsBbc1zQA_aem_oTRO1Ys18y2w9H04MwbzjA
[3] Paris 2024 Olympics - Press Area. “The Medals of the Olympic and Paralympic Games Paris 2024” https://press.paris2024.org/assets/paris-2024-press-kit-medals-of-the-paris-2024-games-02-2024-pdf-f8b1-7578a.html
