In 1901, the first Nobel Prizes were awarded. In 1895 Swedish philanthropist
Alfred Nobel designated in his will that his fortune should be used to establish
the prizes. The first prizes in physics, chemistry, medicine, literature and
peace were first awarded on this date in 1901 by the king of Sweden. Each
recipient, or laureate, receives a gold medal, a diploma and a cash prize, whose
amount is decided by the Nobel Foundation each year.