Everybody (or most everybody) knows that Olympic medals are awarded to those individuals or teams placing first, second or third in each of the events that are contested.
The gold medal is awarded to the first place finisher in each event. The medal however, is not gold but a gold-plated medal of silver. The silver must be at least 92.5% and the medal must be gilded with at least 6 grams of pure gold.
The silver medal, awarded to second place finishers in each event must also be made of 92.5% pure silver.
The bronze metal, awarded to third place finshers in each of the events is actually made of bronze. I guess that there's enough of that stuff to go around.
All of the medals also carry the name of the sport which was being contested.
The front side of each of the medals features an image of an Hellenic goddess holding a laurel wreath with the Athens Colosseum depicted in the background. Since 1972, the local Olympic organizing committees have been allowed to create a design for the back of the medals.
As for each of those competitors who are not fortunate enough to win a gold, silver, or bronze medal, they can count on receiving a diploma and a commemorative medal for their effort in the Olympic Games.