Medals' complex legacies: Fraud, taxes, and a booming market

Two recent medal-related news stories have complicated the usual sentiment of good news associated with sporting achievements. One involves the auction of a medal belonging to former Kilkenny hurler DJ Carey, a convicted fraudster. The couple who received the medal from Carey years ago are now selling it to compensate individuals who were also defrauded by him. "They are living in dire circumstances as a direct result of their dealings with him," stated the medal's owner to journalist Dermot Crowe. "It is my hope that the sale of this medal will benefit them."

Separately, the family of the late England World Cup-winning manager Jack Charlton is in a dispute with HM Revenue and Customs over a significant inheritance tax bill of £200,000. The tax was triggered when his World Cup winner's medal passed to his son John after Charlton's death in 2020. To manage this, the medal is temporarily back with Charlton's widow.

“

They are living in dire circumstances as a direct result of their dealings with him. It is my hope that the sale of this medal will benefit them.

An examination of the 11 medals from England's 1966 World Cup victory revealed that only three remain with the players' families. The rest have been sold, either privately or at auction, often due to players facing financial difficulties. George Cohen was among the first to sell his medal in 1998, citing insufficient retirement funds. Nobby Stiles followed suit a decade later, tearfully explaining that circumstances had forced him to sell the medal he had intended for his sons.

While medals are often seen as romantic symbols of sacrifice and memory, the sports memorabilia market has turned them into valuable collector's items and investments. Alan Ball's World Cup medal, for instance, sold for nearly £165,000 in 2005 and resold for over £250,000 thirteen years later. This market demonstrates an "infinite capacity to name a price," regardless of the historical significance or emotional value attached to the object.

“

It had been my intention to leave the medal to my sons, but circumstances had forced my hand.