Israel may not have won a medal at the 2012 London Olympics, but it had something to celebrate Monday when a coin marking its participation in the Games won first place in a prestigious international competition.

The Bank of Israel NIS 2 silver proof commemorative coin, which features a rhythmic gymnast on one side, won first place as Finest Coin Minted 2011 at the ninth International Vicenza Numismatica competition in Italy.

Explaining their decision, the judges noted the elegant synthesis and integration of the performing figure and the ribbon – which forms a Star of David on the front side of the coin – and the harmony it strikes with the reverse side, which uses the ribbon as the Israeli flag.

This was the third coin in a series marking Israel’s participation in the Olympic Games. The first was issued before Athens 2004 and was dedicated to windsurfing. The second was issued before the 2008 Beijing games and was dedicated to judo.