The honorary IOC member only noticed the 440 yards medal was missing when he recently started documenting his Olympic memorabilia after returning home from hospital where he underwent spinal surgery.

However, Victoria Police believe it was taken when renovation work was being carried out on his South Yarra home between June 6 and November 1 last year.

"It became evident immediately that the gold medal in the top left corner was missing," Gosper explained.

The medal is worth less than AUD100 (£56/$90/€70) but he said it is priceless to him because of its sentimental value.

Victoria Police have said this 1954 Commonwealth Games bronze medal is identical to the gold one stolen from Kevan Gosper's home ©Victoria Police

"It's not the financial value of the medal, it's the value of the event at the time and it was my first international medal in an international competition," Gosper added.

"It's a very special medal that I won when I was 20 years old.

"I'm sad and disappointed and I hope it will be returned."

"If they [the thief] were good enough to come forward to the police and just simply send it or make it available that would be all that I would want."

Police have investigated auction houses and memorabilia dealerships in case it has entered the black market and they have released an image of a bronze medal from the same Games, which is identical to the stolen one except for the colour.

"If anyone is aware of the current location of this medal or anyone who may have been in possession of it at any stage we appeal for them to contact Crime Stoppers on 1800 333 000," Detective Senior Constable Jarrod Dwyer said.

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