In the beginning there was an olive wreath for the victor no medals and no women allowed to watch.
With the modern Olympics came three placings with gold for the winner silver for the first loser and bronze for the second loser.
Only around fourteen nations, 250 competitors competed in 43 events in du Coubertin's games Athens 1896 and the three places between the handful competing was clearly regarded as appropriate
Today with so many events ending in finals where four compete for three opportunities on the "podium" is it time to have a fourth place say, pewter as it is very largely Tin as opposed to the more noble and historically significant other alloy, Bronze to complement the more substantial Gold and Silver.
Then there could be a Lead medal for the Chemists, either in traditional disc shape or a more appropriate cylindrical shape with a pointy leading end and definitely no ribbon.