Why are Nobel Prize winners called Laureates?

Nobel Prize winners are referred to as Laureates because the Nobel Prize is accompanied by a gold medal bearing the inscription "Inventas vitam juvat excoluisse per artes" (roughly translated as "He/she who improves life through creative discoveries") and a diploma. The original name for this award was the Nobel Medal. The term "laureate," used in this context, is derived from the Latin word "laurea" meaning laurel wreath, which symbolizes victory, honor, or achievement in classical and modern contexts.