The Nobel Prize
The Nobel Prizes are annual international awards bestowed by Scandinavian committees in recognition of cultural and scientific advances. The will of the Swedish chemist Alfred Nobel, the inventor of dynamite, established the prizes in 1895. The prizes in Physics, Chemistry, Physiology or Medicine, Literature, and Peace were first awarded in 1901. Each recipient, or laureate, receives a gold medal, a diploma, and a sum of money which depends on the Nobel Foundation's income that year. In 2009, each prize was worth 10 million SEK (c. US$1.4 million). The prize cannot be awarded posthumously, unless the laureate has died after the prize's announcement. Nor may a prize be shared among more than three people. The average number of laureates per prize has increased substantially over the 20th century.