* Historical context: The term "prize" was common for awards and recognitions in the 19th century, when Alfred Nobel established the prizes. The word reflected the notion of a reward or recognition for outstanding achievements.
* Emphasis on recognition: The Nobel Peace Prize is primarily about recognizing individuals or organizations for their efforts towards peace, not necessarily a monetary reward. The "prize" aspect emphasizes the honor and prestige associated with receiving the award.
* Practicality: While there is a substantial financial component to the Nobel Peace Prize, it's not the primary focus. The "prize" term also conveys the practical aspects of the award, like the medal and the accompanying diploma.
Therefore, while the term "prize" might seem outdated in modern usage, it reflects the historical context, emphasizes the recognition aspect, and conveys the practical elements of the award.