The Peace Prize is awarded in Oslo, Norway, while the other prizes are awarded in Stockholm, Sweden. The Nobel Prize is widely regarded as the most prestigious award available in the fields of literature, medicine, physics, chemistry, peace, and economics.
The Royal Swedish Academy of Sciences awards the Nobel Prize in Physics, the Nobel Prize in Chemistry, and the Nobel Memorial Prize in Economic Sciences; the Nobel Assembly at Karolinska Institutet awards the Nobel Prize in Physiology or Medicine; the Swedish Academy grants the Nobel Prize in Literature; and the Nobel Peace Prize is not awarded by a Swedish organisation but by the Norwegian Nobel Committee.
Nobel Prize in Literature
Since 1901, the Nobel Prize in Literature (Swedish: Nobelpriset i litteratur) has been awarded annually to an author from any country who has, in the words of the will of Alfred Nobel, produced "in the field of literature the most outstanding work in an ideal direction" (original Swedish: den som inom litteraturen har producerat det mest framstående verket i en idealisk riktning). Though individual works are sometimes cited as being particularly noteworthy, here "work" refers to an author's work as a whole. The Swedish Academy decides who, if anyone, will receive the prize in any given year. The academy announces the name of the chosen laureate in early October.
A Literature Nobel Prize laureate earns a gold medal, a diploma bearing a citation, and a sum of money. The amount of money awarded depends on the income of the Nobel Foundation that year. If a prize is awarded to more than one laureate, the money is either split evenly among them or, for three laureates, it may be divided into a half and two quarters. If a prize is awarded jointly to two or more laureates the money is split among them.
The prize money of the Nobel Prize has been fluctuating since its inauguration but as of 2012 it stands at kr 8,000,000 (about US$1,100,000), previously it was kr 10,000,000. This was not the first time the prize-amount was decreased—beginning with a nominal value of kr 150,782 in 1901 (worth 8,123,951 in 2011 SEK) the nominal value has been as low as kr 121,333 (2,370,660 in 2011 SEK) in 1945—but it's been uphill or stable since then, peaking at an SEK-2011 value of 11,659,016 in 2001.
The laureate also receives a gold medal and a Nobel diploma and is invited to give a lecture during "Nobel Week" in Stockholm; the highlight is the prize-giving ceremony and banquet on December 10. It is the richest literary prize in the world by a large margin.
Nobel Prize Medal
The Nobel Prize medal, minted by Myntverket in Sweden and the Mint of Norway since 1902, is registered trademarks of the Nobel Foundation. Each medal features an image of Alfred Nobel in left profile on the obverse (front side of the medal). The Nobel Prize medals for Physics, Chemistry, Physiology or Medicine, and Literature have identical obverses, showing the image of Alfred Nobel and the years of his birth and death (1833–1896). Nobel's portrait also appears on the obverse of the Nobel Peace Prize medal and the Medal for the Prize in Economics, but with a slightly different design. The image on the reverse of a medal varies according to the institution awarding the prize. The reverse sides of the Nobel Prize medals for Chemistry and Physics share the same design.
Nobel Prize Diploma
Nobel laureates receive a Diploma directly from the hands of the King of Sweden. Each Diploma is uniquely designed by the prize-awarding institutions for the laureate that receives it. The...