What is the Nobel Prize?

Winners of the Nobel Prize receive a gold medal, a diploma, and a lump sum of money.
Winners of the Nobel Prize receive a gold medal, a diploma, and a lump sum of money.

A Nobel Prize originated from a Swedish inventor and every year the Norwegian and Swedish governments hold a function to hand out awards for an academic, cultural and scientific breakthrough.

What is the Nobel Prize?

A Swedish inventor, Alfred Nobel, first initiated the establishment of the Nobel Prize in 1895. The first prizes were awarded in 1901, for the fame heroism and invention in chemistry, physics, literature, and psychology medicine. The first medals to be made in the 1980s were 24-karat gold but later it was an 18-green karat gold medal plated with 24-karat gold. The Nobel Prize ceremonies are held every year without exception in Stockholm, the capital of Sweden, except for the Nobel Peace Prize ceremonies that are carried out in Oslo, Norway. Each chosen person or organization receives a gold medal, a diploma and a lump sum of money. As of 2017, the excellent monetary price was estimated at $1,110,000. For many years, the Nobel Prize is regarded as the highest prize to be ever bestowed to someone as an honor.

Who Was Alfred Nobel?

The inventor of Nobel awards Mr. Alfred Nobel was born in Stockholm, Sweden on October 21, 1833 to a family of re-known engineers. Over the years, Alfred Nobel excelled in many academic fields, which includes chemistry, engineering, and invention. In 1884, Nobel bought a steel factory in which he invented a lot of fantastic equipment including the famous British smokeless explosives powder known as Cordite. He later faced the harsh judgment of the law for the invention of the explosive military Cordite. Of all his designs, dynamite is the most famous and original equipment.

History of the Nobel Prize

Before Alfred died, he wrote a will in France at a Swedish-Norwegian club in which he suggested that anybody who comes up with the idea that benefits the entirety of humanity were to be awarded. In his will, he relinquished his possessions as prizes to the discoverers in the field of physics, chemistry, literature, and physiology medicine. His assets, which had a value of $186 million in 1895, were to be awarded as the prizes to the five fields in his will. Due to skepticism about his idea, the decree was not approved until April 26, 1987. According to the will instructions, a committee named the Norwegian Nobel committee was to give the awards in Norway. The members of that board were appointed later and the processes of Nobel awards began.

First Nobel Prizes

The Nobel Foundation was established, and once it was smoothly running, the Nobel committee began collecting nominations to determine the fields, organizations, and individuals that deserved a prize. The panel of physics shortlisted two physics inventors for the first Nobel prizes in history, the X-rays inventor Wilhelm Rontgen and the inventor of cathode rays Phillip Lenard. The Academy of science selected the X-rays inventor for the first Nobel Prize ever, and Mr. Rontgen became the first winner of the Nobel Prize.

The Nobel Banquet

After the awards have been handed out in Sweden, a ceremony is always performed in the prestigious capital hall, the Blue Hall. The Swedish Royal family with approximately 1300 quests attend this service. In Norway, the banquet is held at the Oslo Grand Hotel and attended by the laureates alongside the Prime Minister, the president of the Storting, and the King and Queen of Norway (as from 2006) as guests.


More in Society