History of Nobel Prize

Why in News?

The Nobel Prize, one of the world’s most prestigious awards, will be announced from October 6 to October 13.

• Nobel Prize is a prestigious prize awarded to those who have conferred the greatest benefit to humankind, during the preceding year.
• Establishment - The Nobel Prize was set up when businessman Alfred Nobel died and left the majority of his fortune to establish Nobel Prizes.
• Categories -
  1. Physics,
  2. Chemistry,
  3. Physiology/Medicine,
  4. Literature and
  5. Peace.
• In 1968, a 6^th category, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was added by Sweden’s central bank.
• Although technically not one of the original prizes, it is commonly referred to as a Nobel Prize.

• First awarded on - The first Nobel Prizes were awarded on December 10, 1901, 5 years after Nobel's death.
• It was not awarded mostly during World War I and II.
• Fund – Alfred Nobel’s left out money to establish nobel prize should be converted into a fund and invested in “safe securities.”
• Today the interest earned on that money is used to fund the Nobel Prizes.
• As per Alfred Nobel’s wishes, the Nobel Peace Prize is presented in Norway while the other awards are handed out in Sweden.

• Criteria - Focus on significant achievements in specific fields, not on personal character, and require a formal nomination by a qualified individual.
• A Nobel Prize cannot be awarded posthumously.
• No person can nominate herself/himself for a Nobel Prize.
• Selection committee - The Nobel Committees of the awarding institutions review these nominations and decide the winners.
• Award money - The award winners are also given a sum of money. The award money has increased over the years and currently stands at $1.1 million per prize.
• Nobel Prize to women - A total of 57 women has been honored with the award since 1901.
• The first was Marie Curie and she won the award twice, the only woman to have won it more than once.
• Nobel Prize insignias - At the ceremony for the Nobel Prize, the Nobel Laureates receive 3 things –
  • A Nobel diploma,
  • A Nobel Medal and
  • A document confirming the Nobel Prize amount.

Reference

Business Standard | Nobel Prize