According to the Daily Mail, the tale goes that the owner of the rare item had little idea what its valuation was until they sought to find how much it was worth.

They found out that it had been awarded to the second-place finisher at the 1896 Olympics in Athens.

Today’s gold, silver and bronze medal system was established in 1904.

The two-inch-wide medal designed by French sculptor JC Chaplain has since been passed down the same family until the owner discovered it when they were clearing out their home in Shropshire.

Mullock's Auctioneers of Ludlow have calculated it is worth between £20,000 (€23,700/$23,500) and £25,000 and it is set be put on sale later this month.

It features an engraving of Greek God Zeus and the word "Olympia" on one side and the words "First International Olympic Games, Athens 1896" in Greek are inscribed on the other.

"Bronze" is also imprinted on the edge.

"It is great to see something such as this in the light of day," Ben Jones from Mullock’s Auctioneers, the handler of the sale, said, according to the Daily Mail.

"We are very honoured to have been given the opportunity to auction off such a piece.

"This medal has been handed down the family for a number of generations without anyone really looking, or knowing what it is.

"It was kept in a drawer until the vendor decided to have a clear out and came across it and decided to get a second opinion."

Prior to the modern medal system, the inaugural Olympic Games winners were awarded a silver medal and an olive branch while the runners-up were given a copper medal and a laurel branch.

Athens was chosen to stage the event due to Greece's historical organisation of the Ancient Olympic Games, which stems as far back as 776 BC.

A total of 14 countries and 241 athletes, who were all from Europe except Australia and medals table toppers United States, participated across nine sports.

They were athletics, cycling, swimming, gymnastics, weightlifting, wrestling, fencing, shooting, and tennis.