The authorities have as yet been unable to decipher who the medal belongs to despite five months of work, while an Australian Olympic Committee report into the matter was unable to shed any light on the bizarre situation.

It was found along with other Olympic memorabilia, including a 1948 London Olympic participation medal, in the Melbourne suburb of Ringwood and police have refused to limit their investigation to Australian athletes.

They were unable to tie the medals to any recent burglary and have stated that no-one had come forward to claim them.

"Whether they were handed down from one generation to another, or they belong to another athlete from another country, we don't know," Ringwood Police Senior Constable Damien Bowman said.

"I wouldn't limit it to Australian athletes at this stage.

"We'd just like to get them back to the owner safe and sound."

Police remain hopeful that a member of the public will come forward with more information on how such a valued commodity ended up in a trash can. 

"We believe the medals are authentic and these things mean a lot to someone," Ringwood property officer Gaye Bobbine said.

"We want to find that person because the owner might not even know they’re lost.

"Sometimes after a burglary or theft, you don’t even realise things are gone."

Ringwood Police are urging anyone who may be able to help with their investigation to get in contact with them.

insidethegames has contacted the International Olympic Committee for comment.