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.

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.

Specific types of prizes include:

• "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.

See List of prizes, medals, and awards

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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.

There have been several abortive attempt to form an International Prize Court to hear appeals regarding captures of prizes.

See Rules of Prize Warfare