The initial awards, in 1901, recognized achievements in Physics, Chemistry, Physiology or Medicine, and Peace. (The Peace prize is awarded in Oslo, Norway as opposed to Stockholm, Sweden.) The Nobel is widely regarded as the supreme honor for work in those fields. An award for Economics was added by Sweden’s Central Bank in 1969.
Each award can be granted to up to three recipients in a year. The award consists of a gold medal, a diploma, and a monetary award, currently worth more than $1.4 million. The one pictured here is an example of one of the awards in Physiology or Medicine awarded to researchers at the Mayo Clinic in Rochester, Minnesota in 1950.