He established the five prizes to be awarded for those working in Chemistry, Literature, Peace, Physics, and Physiology or Medicine in 1895.

The executors of the will, Ragnar Sohlman and Rudolf Lilljequist formed the Nobel Foundation and the first award ceremony took place in 1901.

Each winner is known as a laureate and as part of their award, they receive a gold medal, a diploma, and a sum of money that has been decided by the Nobel Foundation.

The Nobel Prize may not be shared by more than three individuals.

The Nobel Foundation website states as of 220, each prize is worth 9,000,000 SEK, which is approximately $935,366 and 716,224.

Originally posted here:
Big Bang Theory: What is the Nobel Prize? What did Sheldon and Amy win a Nobel Prize for? - Express