The Olympic medals W-5

The athletes who participate in the Olympics and are placed either first, second, or third in each and every event that are taken place in the Olympics receive medals. The winners receive a"gold medal" (They had solid gold medal's solid gold until 1912, they are now made of gilded silver.)The runners up get silver medal,and who ever comes third place receives a bronze medal. medals. In some events are judged by a single-elimination. medals. They started awarding medals to the top three competitors ,It was introduced in 1904 ; at the 1896 Olympics only the first two received a medal, silver and bronze. However, the 1904 Olympics they awarded silver trophies for first place. In addition, from 1948 onward athletes placing fourth, fifth and sixth have received certificates which became officially known as "victory diplomas;" since 1976 the medal winners have received these also, and in 1984 victory diplomas for seventh- and eighth-place.

http://en.wikipedia.org/wiki/Olympic_Games#Olympic_champions_and_medalists