As reported, gold medals are actually made of 494 grams of silver and 6 grams of gold. In other words, those pretty gold medals in Rio are technically more silver than they are gold.
According to Huffington Post, the actual design and composition of Olympic medals is ultimately determined by a committee in the host country, but there are certain parameters that all medals must follow. For example, all Olympic medals have to measure at least 3 mm thick and at least 60 mm in diameter. The gold medals are also to be bathed in gold and plated in at least 6 grams of gold.
Did you know how much are Michael Phelps’s gold medals really worth? After 22 gold medals in four Olympic games, if Phelps wanted to sell his collection it would probably fetch millions of dollars, sports memorabilia appraisers say.
Phelps’s medals are worth at least $100,000 a pop, maybe more if they're from an especially noteworthy race. The legend of Michael Phelps, the most awarded Olympic athlete of all time, is worth a whole lot of money. Catch more at The Washington Post.
Check out 10 Tips For Selling Your Gold for Cash, shared by ABC News.