The Milan Cortina Winter Olympics are in full swing, and medals are being awarded daily.

Because the cost of precious metals has surged over the past few years, the value of Olympic medals has also increased.

Gold medals are made of silver plated with pure gold, silver medals are pure silver, and bronze medals are made of an alloy that is mostly copper.

Based on the weights of the medals and the current market value of precious metals, the cost of the material in this year’s gold medial is estimated to be $2,300. A silver medal is estimated to be valued at $1,400, and a bronze medal is valued at an estimated $5.

The actual value of an Olympic medal can be much higher than its “melt value” based on its historical significance.

For example, a gold medal won by Jesse Owens at the 1936 Olympic Games in Berlin was sold for $1.47 million at an auction in 2013.