Gold, Silver and Bronze – The Challenge of Insuring Olympic Medals

The athletes have gone home, the cameras are unplugged, and the countdown has begun  until the 2012 Olympics in London.  But for the 302 Gold Medal winners, life will never be the same.  Even though the medal is really mostly silver and only about six percent gold, it’s the most important medal of their lives.  So the next question is – How to protect it and insure it?

Lloyd’s of London tackled that question on their website.  Although the actual cost of the medals may not be as high as one might think, the sentimental value is enormous.  Things like that can be insured at whatever value the owner and insurance company agree on, especially since it may be impossible to actually replace the medal.

The value of the medals is also affected by geography and sport.  While Morten Joergensen’s gold medal for rowing is huge in Denmark, its value in the US is much less.  But just think what one of Michael Phelps’ gold medals would go for on eBay?

The bottom line is this – Olympic medals represent the crowning achievement of a lifetime devoted to training and the pursuit of excellence, which makes them absolutely priceless. 

By the way, if you’ve never seen an Olympic medal, visit the Italian American Sports Hall of Fame in Chicago.  Several of the gold, silver and bronze medals won by swimmer Matt Biondi in the 1984, 1988 and 1992 Olympics are on display there, and they are amazing to behold.