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Gold Medal Is Priceless, But Metal Is Worth $215

By Sarah Quinn,  Newser Staff

Posted Aug 20, 2008 8:49 PM CDT

(Newser) – Michael Phelps’ eight Olympic golds may be priceless, but they're not worth that much to a commodities trader, MarketWatch notes. This year's gold medals are made mostly of silver and coated with less than a quarter-ounce of gold, putting their value around $215. But people are, of course, willing to shell out much more for a piece of Olympic history.

A silver medal from the 2000 Games is listed on eBay with a starting price of $7,999.99. And in 2004, a Polish swimmer raked in more than $80,000 for charity when she auctioned off her gold medal. China's paying plenty for the medals, too: with record-high metals prices, it cost millions to make all 6,000 of them.

A Chinese soldier stands guard near prototypes of the Beijing Olympic medals exhibited during the handover ceremony of metals to make medals for the Beijing 2008 Olympics.
A Chinese soldier stands guard near prototypes of the Beijing Olympic medals exhibited during the handover ceremony of metals to make medals for the Beijing 2008 Olympics.   (AP Photo/Eugene Hoshiko)
Michael Phelps shows his gold medal after the Olympic men's 100-meter butterfly in Beijing, Saturday, Aug. 16, 2008.
Michael Phelps shows his gold medal after the Olympic men's 100-meter butterfly in Beijing, Saturday, Aug. 16, 2008.   (AP Photo/Mark J. Terrill)
With gold prices soaring, the medals presented at the Beijing Olympics are made mostly of silver in an effort to contain costs.
With gold prices soaring, the medals presented at the Beijing Olympics are made mostly of silver in an effort to contain costs.   (AP Photo)
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I wish these hard-working athletes got 'the real thing.' But the medals are worth more than their weight in gold anyway." - John Nadler, senior analyst,
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