Walter Davis '76 gold medal up for auction

You, too, can win an Olympic gold medial. But rather than run, jump, swim, flip or shoot, you simply have to bid.

Former North Carolina star Walter Davis, a member of the 1976 USA basketball team that won gold in Montreal, has his medal up for bid as part Grey Flannel Auctions' seventh annual Basketball Hall of Fame induction auction. The reserve amount began $10,000, and as of Thursday morning, the highest bid had risen to $12,000.

The auction lot includes a letter of authenticity from Davis. According to the item specifications:

This 1976 Olympic gold medal weighs 5.45 oz. with a 60 mm. diameter and a thickness of .50 cm. The gold-plated medal contains at least six grams of pure gold. It was presented to Walter Davis as a member of the 1976 USA Men’s Basketball team after they defeated Yugoslavia in the gold medal game on July 25, 1976. The face of the medal features a design by Florentine artist Giuseppe Cassioli. Created for the 1928 Olympic Games in Amsterdam, the design was used on all Summer Olympic medals until 2004. It reads, “XXIe Olympiade MontrĂ©al 1976”. The verso shows the 1976 Olympic logo and the victor’s laurel wreath (symbol of the ancient Games), rendered in the bold, uncluttered style of the Montreal Games. The bottom edge of the medal is engraved “Basketball”.

Davis teamed with fellow Tar Heels Phil Ford, Mitch Kupchak and Tommy LaGarde to win the gold, and the squad was coached by UNC's Dean Smith.

The auction includes a plethora of NCAA and NBA memorabilia, from jerseys to shoes, to a piece of the 1958 championship net. Davis also has a trophy honoring his 15,000th point with the NBA's Phoenix Suns in the auction, as well as a game-used basketball commemorating a 1983 games during which he scored 34 straight points.

Hat-tip: CBSSports.com.

Follow Robbi Pickeral on Twitter at @bylinerp.