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George Foreman's 1968 Olympic Gold Medal Hits Auction Block

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Before George Foreman knocked out Joe Frazier to become the heavyweight champion or fought Muhammad Ali in one of the most memorable fights ever ... Big George won Olympic gold in 1968 -- and now the medal's on the block!!

Foreman, who was just 19, was dominant in Mexico City, steamrolling his opps on the way to winning the '68 Summer Games.

George's toughest challenge came in his first fight against Poland's Lucjan Trela -- in the round of 16 -- a bout he won 4-1.