Each Congressional Gold Medal comprises 16 ounces of gold, according to the Treasury. Gold was priced at $919.55 per ounce in May 2009. Assuming comparable gold prices at the time of production, the medal allowed by this statute would need roughly $14,712.80 in gold. The President may also award Congress silver medals. These medals are identical to the gold medal except that they are made of silver instead of gold. The first Silver Medal was awarded by President Grant on March 3, 1872, to honor those who served in the Indian Wars.