n. & v.
n. 1 something that can be won in a competition or lottery etc. 2 a reward given as a symbol of victory or superiority. 3 something striven for or worth striving for (missed all the great prizes of life). 4 (attrib.) a to which a prize is awarded (a prize bull; a prize poem). b supremely excellent or outstanding of its kind.
v.tr. value highly (a much prized possession). prize-giving an award of prizes, esp. formally at a school etc. prize-money money offered as a prize. prize-ring 1 an enclosed area (now usu. a square) for prizefighting. 2 the practice of prizefighting.
[ (n.) ME, var. of PRICE: (v.) ME f. OF pris- stem of preisier PRAISE ]