What is the Commodity Value of the Tokyo 2020 Olympic Medals?

The value of an Olympic medal can be measured in a number of different ways.

It can be valued based on the cost in time and hundreds-of-thousands of dollars of expenses it usually takes to earn one. It can be valued in the domestic prize money awarded, the future sponsorships, and the ongoing career opportunities it opens up. It can be valued by what it might be sold for on the internet – Anthony Ervin sold his 2000 Olympic gold medal in the 50 free on eBay for $17,100 to raise money for the Tsunami Relief Fund in Indonesia.

It can be called priceless – because while the piece itself can be bought, the effort that earned it cannot.

But on the most literal level, Olympic medals are pieces of metal that have a raw commodity value. What would the value of the Tokyo 2020 Olympic medals be if they were smelted down into their base metals and sold at commodity market rates?

本日７月２７日（土）から３１日（水）まで、５日間限定で、都庁第一本庁舎２階北側「オリンピック・パラリンピックフラッグ展示コーナー」において、東京２０２０オリンピックメダルを展示しています！多くの皆様のお越しをお待ちしています！ pic.twitter.com/LyzmA7cpiZ

— 東京都 スポーツ (@sports_tokyo) July 27, 2019

What Makes a Medal

In spite of the name, an Olympic gold medal is required to be made from at least 92.5% silver and must contain a minimum of 6 grams of gold. All Olympic medals must be at least 60mm in diameter and 3mm thick.

Minting the medals is the responsibility of the Olympic hosts, and since 1972, each Summer Olympic Games has a unique design to their medals.

Tokyo 2020 Medal Specs

• Thickness: 7.7mm in the thinnest part, 12.1mm in the thickest part
• Diameter: 85mm
• Side of Medal: Event name will be engraved in English

That makes them the same diameter, and slightly thicker than, the Rio Olympic medals.

Gold Medal

• Weight: about 556grams
• Composition: “More than 6 grams of gold plating on pure silver”
• Value:
  • 6 grams of gold @$58.39/gram = $350.34
  • 550 grams of silver @$.80/gram = $440
  • Total Commodity Value = $790.34

Silver Medal

• Weight: about 550 grams
• Composition: Pure Silver
• Value:
  • 550 grams of silver @$.80/gram = $440
  • Total Commodity Value = $440

Bronze Medal

• Weight: about 450 grams
• Composition: Red Brass (95% copper/5% zinc)
• Value:
  • 427.5 grams of copper @ $.0093/gram = $3.97
  • 22.5 grams of zinc @.00294/gram = $.07
  • Total Commodity Value = $4.04

Unlike in Rio, the silver medals for the Tokyo 2020 Olympic Games will be made of pure silver. In Rio, the medals were made from 93% silver and 7% copper. Between the change in composition and the increased prices of gold and silver, the metal in an Olympic gold medal has increased in value from about $508 in Rio to $790.34 in Tokyo.

Likewise, the price of an Olympic silver medal has increased from about $261 in Rio to $440 in Tokyo.

So, ironically, about the least valuable part of an Olympic medal is the actual metal from which the name of the item was derived, so don’t expect to see one at your local pawn shop any time soon.

Watch a video about the medals here:

Gold and silver spot prices, in US Dollars, were taken on Tuesday afternoon from JMBuillion.com. Copper spot prices from coinapps.com. Zinc spot prices from Business Insider.