"You have done well daughter of Zimbabwe," Mugabe said presenting the cash to the US-based Coventry, who was accompanied by her mother to a ceremony in Harare where Mugabe welcomed the country's Olympic team.
"We wish you well in life. We should praise her (Coventry). She is our golden girl. Take care of her," he said.
Mugabe also handed out 10,000 dollars to the other Olympic finalists and others who were part of the team were given 2,000 dollars.
In 2004, Mugabe also gave Coventry 50,000 dollars and a diplomatic passport after the Athens games, where she won three medals comprising of a gold, silver and bronze.
Mugabe said since Coventry was still at school, she would use some of the money for her up-keep in the United States.
Zimbabwe sent a 13-member delegation to the Olympics and took home four medals, all won by Coventry.
Coventry won one gold and three silvers, which saw Zimbabwe finishing as the fourth highest African team on the medals table after Kenya, Ethiopia and Egypt.
Zimbabwe's political unrest has worsened an economic crisis with official inflation at 11.2 million percent which analysts say is a fraction of the real figure.