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Facts About the Nobel Prizes · Named after Alfred Nobel, Swedish chemist and inventor of dynamite. · First awarded in 1901, five years after Alfred Nobel's death. · Prizes first awarded in five subjects: chemistry, physics, physiology or medicine, literature, and peace. · Sixth subject, economics, added in 1969. · Prizes can only be awarded to individuals, except the Peace Prize. · Each award can be given to a maximum of three people per year. · Money from Nobel's estate went into a fund managed by the Nobel Foundation. The interest from the fund constitutes the monetary prize each year. · Each prize constitutes a gold medal, a diploma, and a sum of money. · If there are multiple winners of one subject, the award money is split equally among the winners. · The Literature and Peace Prizes are very controversial because the award criteria is considered subjective. · Each year there are 100 to 250 nominees for each prize. · If someone nominated himself/herself, he/she would automatically be disqualified. · Someone cannot be nominated posthumously. Yet, if someone was alive when nominated but died before the award was given, they may be awarded posthumously. · Prizes must be awarded at least once every 5-year period. · A few prize winners have declined the award.