A prize is an award given to a person or a group of people to recognise and reward actions or achievements. Official prizes often involve monetary rewards as well as the fame that comes with them. Some prizes are also associated with extravagant awarding ceremonies, such as the Oscars. An award is something given to a person or group of people to recognize excellence in a certain field. ... Money Money is any marketable good or token used by a society as a store of value, a medium of exchange, and a unit of account. ... Although he never won an Oscar for any of his movie performances, the comedian Bob Hope received two honorary Oscars for his contributions to cinema. ...

Prizes are given for a number of reasons: to highlight noteworthy or exemplary behaviour, and to provide incentives in competitions, etc. In general, prizes are regarded in a positive light, and their winners are admired. However, many prizes, especially the more famous ones, have often caused controversy and jealousy. Look up Controversy in Wiktionary, the free dictionary A controversy is a contentious dispute, a disagreement in opinions over which parties are actively arguing. ... Jealousy is an emotion experienced by one who perceives that another person is giving something that s/he wants (typically attention, love, or affection) to a third party. ...

Specific types of prizes include:

• First prize, second prize, third prize etc.
• Consolation Prize: an award given to those who do not win an event but are deserving of recognition. In most cases, these individuals put forth valiant efforts.
• Booby prize: typically awarded as a joke or insult to whomever finished last.

Prize is also a term used in admiralty law to refer to equipment, vehicles, and vessels captured as a result of armed conflict. The most common use of prize in this sense is the capture of an enemy ship and its cargo. In the past it was common that the capturing force would be alloted a share of the worth of the captured prize. Nations often granted letters of marque which would entitle private parties to capture enemy property, usually ships. Once the ship was secured on friendly territory, it would be made the subject of a prize case, an in rem proceeding in which the court determined the status of the condemned property and the manner in which it was to be disposed of. Due to changes in the law of war and the nature of warfare in general, prize litigation is very rare or nonexistent today. Admiralty law (usually referred to as simply admiralty and also referred to as maritime law or Law of the Sea) is a distinct body of law which governs maritime questions and offenses. ... A letter of marque and reprisal was an official warrant or commission from a national government authorizing the designated agent to search, seize, or destroy specified assets or personnel belonging to a party which had committed some offense under the laws of nations against the assets or citizens of the... Sometimes a court may exercise jurisdiction over property located within the perimeter of its powers without regard to personal jurisdiction over the litigants; this is called jurisdiction in rem. ... The laws of war (Jus in bello) define the conduct and responsibilities of belligerent nations, neutral nations and individuals engaged in warfare, in relation to each other and to protected persons, usually meaning civilians. ...

There have been several abortive attempt to form an International Prize Court to hear appeals regarding captures of prizes. The capturing of prizes (enemy equipment, vehicles, and especially ships) during wartime is a tradition that goes back as far as organized warfare itself. ...

See also

• Medal
• List of prizes, medals, and awards
• Prize money, monetary award that is given to someone after they have won a competition.
• Rules of Prize Warfare