Thousands of athletes around the world will compete for medals at the 2024 Summer Olympics.

Winning an Olympic medal can be a valuable experience for athletes as they can earn new endorsements and sponsorships based on their success.

Some countries also pay athletes for winning medals during the Olympic Games. Olympic winners also receive a medal that has valuable metal material in it and has resale value years down the road.

Olympic Medal Payouts: The USA is favored to win the most overall medals and gold medals at the 2024 Summer Olympics. The country has won the most medals at several recent consecutive Summer Olympics and has won the most gold medals in the past three Summer Olympics.

Running July 26 through Aug. 11, coverage of the 2024 Summer Olympics will be done by Comcast Corporation (NASDAQ:CMCSA) in the United States across various channels and the Peacock streaming platform.

U.S. athletes that win 2024 Olympic medals are paid $37,500 for golds, $22,500 for silver and $15,000 for bronze, according to USA Today.

Other countries like Malaysia, Morocco and Serbia pay $200,000 to their athletes for a gold medal win. At least nine countries pay $100,000 or more for each gold medal won to their athletes, USA Today reported.

U.S. athletes that earn more than $1 million annually get the amounts they're paid for winning medals taxed. Michael Phelps paid around $55,000 in taxes from his 2016 Olympic medal-winning payouts, according to Joe Pompliano.

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Olympic Medal Value: The 2024 medals will be different from other games and contain iron from the legendary Eiffel Tower that was removed during a previous renovation.

Here are the current values of the metals inside the medals at the time of writing and their components:

• Gold medal contains 505 grams of silver, 6 grams of gold and 18 grams of iron: $909.17
• Silver medal contains 507 grams of silver and 18 grams of iron: $451.23
• Bronze medal contains 415.15 grams of copper, 21.85 grams of zinc and 18 grams of iron: $3.81

The totals don't count the historic value of the pieces from the Eiffel Tower.

Of course, Olympic medals can be quite valuable later in resale at auction depending on the sport, athlete and year of the games.

Typical medal resale values are $5,000 to $6,000 for bronze, $8,000 for silver and $10,000 for gold.

A Jesse Owens 1936 gold medal sold for $1.47 million in 2017 to billionaire Ron Burkle. Two "Miracle on Ice" 1980 gold medals sold for $310,700 and $262,900.

Before 1960, Olympic medals weren't engraved for the sport or event, making them harder to track to a specific event or athlete.

An 1896 first place medal from the first modern Olympic Games sold for $180,000 previously. The first Olympics featured only 250 athletes and awarded silver medals for first place, bronze for second and no third place medal.

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This article was previously published by Benzinga and has been updated.

Photo: Adwo/Shutterstock.com