The 2020 Tokyo Olympics are in full swing and a slew of medals have already been awarded to athletes who have reached the pinnacle of their respective sports.
But you may be surprised with how much an Olympic medal is actually worth.
The gold medal weighs 556 grams of gold and silver, 550 grams of silver and six grams worth of gold.
The silver medal weighs around 550 grams, while the bronze medal weighs approximately 450 grams.
According to the market team at CNBC, a gold medal costs just £587.
The special hardware for the 2020 Tokyo Olympics were made using recycled electronics, which included reused parts from mobile phones - over six million of them.
NBC New York reported that due to inflation, the metals are worth £190 more than they were just three years ago.
The pride etched on every athlete’s face after they have won a gold medal is a joy to watch, but beyond winning the ultimate prize, some competitors receive a financial reward for making it on the podium.
According to The Independent, Team GB athletes do not win any money if they claim a medal.
However, they receive an annual training stipend and UK Sport provides £125m of government and lottery funds to support both the Olympic and Paralympic teams.
However, the publication reports that the US Olympic and Paralympic Committee gives £27,000 to those who win a gold medal, £16k for silver and £10k for bronze.
For some countries that win fewer medals, their prizes are even greater.
Malaysian athletes get £17k for bronze, £52k for silver and £173k for gold.
Hong Kong on the other hand, pays £115k for bronze, £230k for silver and £461k for gold.
But no nation tops Singapore, who award bronze medallists £205k, £266k to silver medallists and a staggering £533k for gold.
The 2020 Tokyo Olympics cost approximately $15.4bn (£11bn) and the Olympic committee and do not pay any athletes for their participation.
