Money For Gold Medal Olympics

There is a way out however.

Money for gold medal olympics.

In general you ll get more money if you choose to sell an olympic medal at auction rather than melting it down. The international olympic committee doesn t give prize money but many countries reward their medalists with a bonus. Getty rio 2016 olympics in pictures. Olympians for example will earn 37 500 for each gold medal they win this year 22 500 for each silver and 15 000 for each bronze.

The endorsements however only come to the cream of the olympic crop with athletes like phenom michael phelps scoring the most medals ever and the most endorsement deal riches. An olympic medal is awarded to successful competitors at one of the olympic games there are three classes of medal. Olympians 25 000 for gold 15 000 for silver and 10 000 for bronze medals in 2016 according to forbes. South koreans who win a gold medal at the olympics or other international games earn a military service exemption.

The government then comes in and taxes those bonuses. Gold medal winners from there only receive 15 000. Silver awarded to the runner up. Medal designs have varied considerably since the first olympic games in 1896 particularly in size and weight.

At the bottom of the list canada. Many countries reward medalists with bonus money. Famously pitcher chan ho park won a gold in 1998 in the asian games allowing him to continue a career that saw him sign a five year contract for 65 million in 2002 which is slightly more than the. Today a gold medal tends to sell at auction for between 20 000 and 50 000 says jonathan scheier the consignment director of sports memorabilia at heritage auctions the world s largest auctioneer of sports collectables.

Gold medal winners from the southeast asia nation receive 1 million usd silver 500 000 and bronze 250 000. Gold awarded to the winner. Athletes make 25k for gold 15k for silver and 10k for bronze plus millions in endorsements. And bronze awarded to the third place the granting of awards is laid out in detail in the olympic protocols.

Silver medals typically go for between 10 000 and. The committee will reportedly pay u s.