Winning a gold, silver, or bronze medal at the Olympic or Paralympic Games is an incredible accomplishment. But have you ever wondered when the tradition of awarding medals started, what the medals are really made of or how much they are worth? TIME is here to answer your questions about the medals. [time-brightcove not-tgx=”true”] When did the tradition of awarding medals start? When the Games were revived in 1896 in Athens, first-place winners were awarded a silver medal, an olive branch, and a diploma, according to the International Olympic Committee (IOC).