I believe they are not solid gold. However, the total amount of gold in 8 medals may well be enough that he will have to pay for them. As anyone who has ever entered or re-entered the USA knows, the Customs Declarations Form states the limits of what you may enter with. Those limits do not only address currency, but any instrument including gold.
Since the Olympics are ongoing, I cannot imagine that a value as art has been established for the gold medals. However, they are gold plated or partially gold.
Will he have to pay duty to enter with 8 gold medals? If the value of the gold exceeds $ 10,000 USD then they have to be declared.
Obviously hundreds of athletes enter every 2 years with gold and silver. Nothing special about Mr. Phelps, aside from the volume of gold he is bringing back. ( NOT insult meant to him in any way !!! )
Typically an Olympic “gold” medal will contain about 250 grams of silver (currently worth about $100) plated with 6 grams of gold (currently worth about $150). The 2008 medals also contain jade, the value of which I don’t know. Of course Phelps could sell his medals for a lot more than the value of the materials.
Gold medals can be brought into the U.S. duty-free. cite
Gold medals can be brought into the U.S. duty-free. cite
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Interesting that the regulations would prohibit entry to gold medals coming from Cuba, Sudan or Iran. I guess if those countries ever get the Olympics the State Department will have to think again!
[QUOTE=aldiboronti]
Interesting that the regulations would prohibit entry to gold medals coming from Cuba, Sudan or Iran. I guess if those countries ever get the Olympics the State Department will have to think again!
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It must have come up, Cuba hosted the PanAm games in 1991 and the US participated.
While duty free, are they tax free? Wouldn’t think so.
Prizes and awards are generally considered taxable income. For instance, if you win a car in a raffle you have to pay taxes on the fair market value of the car.
[QUOTE=bibliophage]
Typically an Olympic “gold” medal will contain about 250 grams of silver (currently worth about $100) plated with 6 grams of gold (currently worth about $150). The 2008 medals also contain jade, the value of which I don’t know. Of course Phelps could sell his medals for a lot more than the value of the materials.
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Wtf, I knew they weren’t solid gold but that just sounds cheap. There are beer league softball trophies that cost more.
[QUOTE=KRSOradio]
Since the final value would be determained by the name behind it why bother increasing the actual metal value
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Because doing otherwise makes them look cheap?
[QUOTE=silenus]
Have you ever seen one up close and in person? “Cheap” is the last word I would use to describe them. Ever.
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Sorry, I was imprecise. Gold plating a silver medal makes the the Olympic Committee look cheap, not the medal itself.
Oh. OK. I see your point But they’ve been doing it that way for decades, and really, the value is in who won it, not the medal. But if they were solid gold, it would eat up a serious part of the host’s budget, which is often strained to begin with.
[QUOTE=silenus]
Oh. OK. I see your point But they’ve been doing it that way for decades, and really, the value is in who won it, not the medal. But if they were solid gold, it would eat up a serious part of the host’s budget, which is often strained to begin with.
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I understand they have their reasons. It’s never been about the value of the medal, but it is about the symbolism of the award, which seems somewhat lessened when they award a Goldplated Medal. If they are so strapped, why not silverplate a bronze medal and save a few more dollars?
