<P> The will of the Swedish scientist Alfred Nobel established the prizes in 1895 . The prizes in Chemistry, Literature, Peace, Physics and Physiology or Medicine were first awarded in 1901 . In 1968, Sveriges Riksbank (Sweden's central bank) established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, which has been commonly known as the Nobel Prize in Economics . The Nobel Prize is widely regarded as the most prestigious award available in the fields of literature, medicine, physics, peace, chemistry and economics . </P> <P> The Royal Swedish Academy of Sciences awards the Nobel Prize in Physics, the Nobel Prize in Chemistry, and the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel; 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 awarded not by a Swedish organisation but by the Norwegian Nobel Committee . </P> <P> Between 1901 and 2017, the Nobel Prizes including the Economic Prizes were awarded 585 times to 923 people and organisations . With some receiving the Nobel Prize more than once, this makes a total of 24 organisations, and 892 individuals . The prize ceremonies take place annually in Stockholm, Sweden (with the exception of the peace prize, which is held in Oslo, Norway). Each recipient, or laureate, receives a gold medal, a diploma, and a sum of money that has been decided by the Nobel Foundation . (As of 2017, each prize is worth SEK 9,000,000 or about US $1,110,000, € 944,000, £ 836,000 or INR 72,693,900) Medals made before 1980 were struck in 23 carat gold, and later in 18 carat green gold plated with a 24 carat gold coating . </P> <P> The prize is not awarded posthumously; however, if a person is awarded a prize and dies before receiving it, the prize may still be presented . Though the average number of laureates per prize increased substantially during the 20th century, a prize may not be shared among more than three people, although the Nobel Peace Prize can be awarded to organizations of more than three people . </P>

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