The first eight athletes in each event of the Olympics receive a diploma, and their names are announced to the public. Only the first three athletes receive a medal as well. Since the 1932 Winter Games in Lake Placid (USA), the medal award ceremony has always been made on a podium. The first-placed athlete, on the highest step in the centre, receives a gold medal and the title of Olympic champion. The second-place athlete stands to the winner’s right, and receives a silver medal; while the third-placed athlete stands to the left and receives a bronze medal. The flags of all three athletes are raised, and the winner’s national anthem is played.

The gold medal consists of just 1% of actual gold, 92.5% silver and 6.16% copper. The medal is valued at $600 based on the actual worth of the raw materials used.

If the athletes were to sell/auction their medals, they would probably get a lot more than just the face value of material.

More Info: totalsportek.com