- The medals must be round and attached to a chain or ribbon.
- Each medal must be at least 60 mm in diameter and 3 mm thick. The 2014 Sochi medals are 100 mm in diameter. The center of each Sochi medal contains a polycarbonate glass design, so it's not solid metal.
- The first place or gold medal must consist of silver of at least 92.5% purity (sterling silver) and be plated with at least 6 grams of pure gold. The silver of the medal is worth around $300 (price of silver on February 3, 2014 was $0.63 per gram). The value of 6 grams of gold at $40.59 per gram (as of February 3, 2014) would be $244. This gives an approximate value of around $550 for a 2014 Olympic gold medal.
- The second place or silver medal must be silver of at least 92.5% purity. A silver medal is worth about $300.
- The third place or bronze medal consists of bronze, which is copper with some zinc and tin. This medal is essentially a giant penny and worth about $5.
What Are Olympic Medals Made Of?
Are Olympic Gold Medals Real Gold?