At the first Olympic Games of the modern era in Athens in 1896, the winner was crowned with an olive wreath and received a silver medal. James B. Connolly of Massachusetts was the first modern Olympic champion to be rewarded thus. The 1904 Olympic Games in St Louis, were the first at which gold, silver and bronze medals were awarded for first, second, and third place.

With the exception of the medals for the 1956 equestrian events, the medals for the Games of the Olympiad became standardized starting in 1928. On one side, there was the traditional design of the goddess of victory, holding a palm in her left hand and a winner’s crown in her right hand. On the other, an Olympic champion was carried triumphantly by the crowd, with an Olympic stadium in the background. For the 1972 Games in Munich, the Organising Committee started a new trend, with a reverse designed by an artist from the Bauhaus school, Gerhard Marcks. A further design adaptation was introduced for the 2004 Games in Athens when the International Olympic Committee (IOC) approved the Organising Committee’s (OCOG) proposal for an updated version of the goddess of victory and the stadium.