mm sure and 500 BC it was only an olive wreath called „kotinos” that was cut from an olive branch that grew in Olympia 

 i dont know you probably have more info about the matter, you imply that the ceremony in honor of Zeus had gay theme?
the games evolve-changes so dont think we can compare 2500 years ago or 100 years ago if they used gold or not, civilization was different 

 it comes from ancient greek olympics called „ekecheria”, also there were no medals but only olive lead wreaths 

now it transformed to some committee that makes the calls who is the good and bad boi

https://en.m.wikipedia.org/wiki/Olympic_Truce