Frédéric Passy and Jean Henry Dunant Win the Nobel Peace Prize

The Nobel Peace Prize (Norwegian and Swedish: Nobels fredspris) is awarded annually by the Norwegian Nobel Committee "to the person who shall have done the most or the best work for fraternity between nations, for the abolition or reduction of standing armies and for the holding and promotion of peace congresses." It is one of the five Nobel Prizes established by the 1895 will of Alfred Nobel (who died in 1896), awarded for outstanding contributions in chemistry, physics, literature, peace, and physiology or medicine. As dictated by Nobel's will, the award is administered by the Norwegian Nobel Committee and awarded by a committee of five people elected by the Norwegian Parliament. The first Nobel Peace Prize was awarded in 1901 to Frédéric Passy and Jean Henry Dunant. Each recipient receives a medal, a diploma and a monetary award prize that has varied throughout the years. In 1901, Passy and Dunant shared a prize of 150,782 SEK, which is equal to 7,731,004 SEK as of December 2008. In 2008, the prize was awarded to Martti Ahtisaari of Finland, who received the prize amount of 10,000,000 SEK (slightly more than €1 million, or US$1.4 million). The Peace Prize is presented annually in Oslo, Norway, in the presence of the king, on December 10, the anniversary of Nobel's death, and is the only Nobel Prize not presented in Stockholm, Sweden.