The Nobel Prize is a set of annual international awards given out for several categories by Swedish and Norwegian institutions. 

Field of recognition varies from contributions for humanity in chemistry, literature, peace to that in physics, physiology or medicine, and economic sciences.

Nobel Prize Org

First awarded in 1901, this award has several nominations and since its inception 590 Nobel awards have been given to 935 Nobel Laureates between 1901-2018. 

The latest one was given out to Ethiopian Prime Minister Abiy Ahmed today. 

Technical University of Munich

Apart from the basics, have you been wondering what do the Laureates usually get upon felicitation? 

According to the award committee’s official website, the prize money attached to the award is kr 9 million (Swedish krona) or approximately ₹6,52,00,000. 

The purse has increased as well as decreased in the past depending on the Foundation. It was kr 8 million (Swedish krona) till the 1980s and has gone upwards since then.

Nobel Prize Org

Apart from the prize money, the laureates get 2 more prizes. 

Firstly, a Nobel diploma that is uniquely created by Swedish and Norwegian artists and calligraphers, engraved with the citations. 

Earlier, the King of Sweden used to directly give each awardee the diploma. Now the Chairman of the Norwegian Nobel Committee has replaced them.  

Nobel Prize

Along with that they get a Nobel medal carefully handmade with 18 carat recycled gold. 

Before 1980, each medal was made using 23 carat gold. 


According to Britannica, once the six committees (one for each category) start selecting nominees from February 1, the process officially begins. 

The Committee is expected to submit the names by November 15. 

NY Times

What is given out as annual prize money comes mostly from Alfred Nobel’s wealth, which he left behind but not before converting all of that into a fund and safe securities. 

The income from this investment is distributed annually to the various laureates. 

Thought Co.

The traditional ceremony that we see today has been inspired by a practice in ancient Greece. Back then, laurel wreaths were awarded to victors as a sign of honour – both in athletic competitions and in poetic meets.