How Much Is That Olympic Gold Medal Worth?
The USA is having a fantastic Summer Olympics in Rio and leading in the overall gold medal race. But what does winning really pay the athletes?
In the USA, gold medal winners receive $25,000 for winning the gold. The 2nd place silver medal winners receive $15,000 and the 3rd place bronze medal winners receive $10,000 from the U.S. Olympic Committee. Now don't think you can win this and pay no taxes. The old medal winners can expect to pay up to $9,900 on that $25,000 winnings.
Now if you were to take the gold medal and sell it for the cost of the gold, you'd receive approx $501. The gold medal is not made entirely gold.
Athletes have sold their medals later on in life. Hockey player Mark Wells from the 80's Olympics needed to sell his to pay for his medical treatments. He sold the gold medal in 2010 for $310,700.