Nobel Prize & Its History
Nobel instructed in 1895 that most of his fortune be set aside as a fund for the awarding of five annual prizes “to those who, during the preceding year, shall have conferred the greatest benefit on mankind.” These prizes as established by his will are the Nobel Prize for Physics , the Nobel Prize for Chemistry, the Nobel Prize for Physiology or Medicine, the Nobel Prize for Literature, and the Nobel Prize for Peace. The first distribution of the prizes took place on December 10, 1901, the fifth anniversary of Nobel’s death. An additional award, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, was established in 1968 by the Bank of Sweden and was first awarded in 1969. Although not technically a Nobel Prize, it is identified with the award; its winners are announced with the Nobel Prize recipients, and the Prize in Economic Sciences is presented at the Nobel Prize Award Ceremony.