<P> 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 . </P> <P> The prize money of the Nobel Prize has been fluctuating since its inauguration but as of 2012 it stood 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 has been uphill or stable since then, peaking at an SEK - 2011 value of 11,659,016 in 2001 . </P> <P> The laureate is also invited to give a lecture during "Nobel Week" in Stockholm; the highlight is the prize - giving ceremony and banquet on 10 December . It is the richest literary prize in the world by a large margin . </P> <P> The Nobel Prize medals, minted by Myntverket in Sweden and the Mint of Norway since 1902, are 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 . The medal for the Nobel Prize in Literature was designed by Erik Lindberg . </P>

When is the nobel prize for literature awarded