gold medal

A gold medal is awarded as the prize for first place in a sports competition. While the name suggests it's made of gold, Olympic gold medals are actually composed of at least 92.5 percent silver and coated with approximately six grams of pure gold. This tradition of awarding medals began with the modern Olympic era in 1896, though initially, winners received silver and second-place finishers received copper medals. By 1904, the gold, silver, and bronze system was established, with solid gold medals awarded until the cost became prohibitive after World War I. Medals can also incorporate elements reflecting the host country's culture, such as jade in the 2008 Beijing Games. In addition to medals, diplomas are awarded for fourth through eighth place, and all competitors receive a commemorative medal.1234