How much are olympic medals worth?

Question

I've heard that you get a certain amount of money if you win a medal (Gold being most), but i don't quite know how much they get.

For example, how much money did Michael Phelps earn by the end of the olympics?

Answer 1

They would be worth a fair bit! Like a million! depends on the athlete and medal won

Answer 2

He will earn millions, but not because of anything they pay you at the Olympics.  He will get a bunch of money from endorsements.

Answer 3

I know they do get some money from the government (US), but I've never heard it discussed. It's the money from endorsements that will make them wealthy.

Answer 4

Well the only medal that i know the value of is a silver, which is 28 dollars worth of silver

Athletes receive a monetary sum from their countries OC.

Answer 5

its probably priceless when you take into account all the hard work and sacrifices in earning those gold medals.

Answer 6

I read that JAMAICA offered each of their contestants 1 million dollars for each gold medal they won !!!!

Answer 7

The medals are worth almost nothing compared to what they can make through endorcements afterwards.

Answer 8

Well, each country gives its medal winners prize money to go along with their medals. The amount varies from country to country. And obviously gold medal winners will receive more than silver and so on.

However, the medals themselves are priceless.

I believe China will give its Gold medallist $300,000 each.