The Nobel Prize honors scientific research, writing and actions that the Nobel Foundation feels exemplify service to humanity. The Nobel Prize comes with a diploma, medal, and cash award. Here is a look at how much the Nobel Prize is worth.
Each year the Nobel Foundation decides on the cash prize awarded to each Nobel laureate. The cash prize is 8 million SEK (about US$1.1 million or €1.16 million). Sometimes this goes to a single individual or the prize may be split between two or three recipients.
The exact weight of a Nobel medal varies, but each medal is 18 karats green gold plated with 24 karats (pure) gold, with an average weight of around 175 grams. Back in 2012, 175 grams of gold was worth $9,975. The modern Nobel Prize medal is worth in excess of $10,000!
The Nobel Prize medal may be worth even more than its weight in gold if the medal goes up for auction. In 2015, Nobel laureate Leon Max Lederman's Nobel prize sold at auction for $765,000. Lederman's family used the money to pay for medical bills associated with the scientist's battle with dementia.
The Nobel Prize garners prestige that translates into value for the university or institution affiliated with the laureate. The schools and companies are more competitive for grants, better equipped at fund raisers and attract students and brilliant researchers. A 2008 study published in the Journal of Health Economics even indicates Nobel Laureates live one to two years longer than their peers.
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