An award is something given to a person or group of people to recognize excellence in a certain field. Awards are often signified by trophies, titles, certificates, commemorative plaques, medals, badges, pins or ribbons.
An award may carry a monetary prize given to the recipient, e.g., the Nobel Prize for contributions to society, or the Pulitzer Prize for literary achievements. An award may also simply be a public acknowledgment of excellence, without any tangible token or prize.