The Nobel Prize (pronounced no-BELL) is awarded annually to people who have done outstanding research, invented groundbreaking techniques or equipment, or made outstanding contributions to society. It is generally regarded as the supreme commendation in the world today. The prizes were instituted by the final will of Alfred Nobel, a Swedish industrialist, and the inventor of dynamite. He signed his will at the Swedish-Norwegian Club in Paris on November 27, 1895. He was shocked to see how his invention was used for destructive purposes and wanted the prizes to be awarded to those who served mankind well.

The first ceremony to award the Nobel Prizes in literature, physics, chemistry, and medicine was held at the Old Royal Academy of Music in Stockholm in 1901; since 1902, the prizes have been formally awarded by the King of Sweden. King Oscar II did not initially approve of awarding grand national prizes to foreigners, but is said to have changed his mind after realizing the publicity value of the prizes for the country.

The Prizes are awarded at a formal ceremony held annually on December 10, the date that Alfred Nobel passed away. However, the names of the laureates are typically announced in October by the different committees and institutions that serve as selection boards for the prizes.

A large monetary award is included with the Nobel Prizes, currently about 10 million Swedish Kronor (slightly more than one million Euros or US dollars). This was originally intended to allow laureates to continue working or researching without the pressures of raising money. (In actual fact, many prize winners have retired before winning, and many Literature winners have been silenced by it, even if younger.)