This year’s Winter Games in PyeongChang will see more than 100 medal ceremonies across 15 sports.
And with many of these games being multi-player sports, about 260 sets of medals – gold, silver and bronze – have been created for the event.
We’ve all seen the ceremonies – the anthem plays and victorious athletes raise their hands to the sky, often tearfully singing their home’s national song full of pride with their own success.
But there’s often one question on viewers mind – how much is the medal actually worth?
Scrap metal value
The value of a gold medal can simply be reduced to its worth as scrap, which shows the price of the metal when it is melted down.
Gold medals do vary in size – with London’s games being the largest at between 375 and 400 grams, but on the whole have average at 176.5 grams in weight.
Gold medals are also not made entirely from gold – only about 6g of each medallion is made from 24-karat gold and the rest is stirling silver.
This means in today’s values, the average gold medal from PyeongChang would be worth about $577 (£415).
Silver medals, which are solid, would be worth about $320, while a bronze medal – made of a copper alloy – is worth only $3.50.
Hundreds of gold medals are handed out every two years between the summer Olympics and the Winter Olympics.
And while athletes can earn thousands from their successes in sport, some will not get rich and may choose to sell their medals in the future.
Medals are regularly auctioned off – but there is a huge difference between the price they sell for at auction.
Boston-based RR Auction, which has sold many gold medals, told USA Today an average price for a “common” gold medal with no well-known athlete’s name attached is about $10,000.
But according to their archive, a January 2016 sale that included four much rarer gold medals saw prices soar.
The value began at $47,746.83 for a gold from Chamonix 1924 and stretched to $10,114.83 for a Melbourne 1956 gold.
But if the medal was won by someone of national or global fame, prices can shoot through the roof.
The only remaining medal of the original four won by Jesse Owens in 1936 sold for $1.47 million in 2013.