In 1901, French and (1839–1907) was the first person to be awarded the Nobel Prize in Literature, 'in special recognition of his poetic composition, which gives evidence of lofty idealism, artistic perfection and a rare combination of the qualities of both heart and intellect.' Stipulated in his last will and testament that his money be used to create a series of prizes for those who confer the 'greatest benefit on mankind' in, or,. Though Nobel wrote several wills during his lifetime, the last was written a little over a year before he died, and signed at the Swedish-Norwegian Club in on 27 November 1895. Nobel bequeathed 94% of his total assets, 31 million ($198 million, 176 million in 2016), to establish and endow the five Nobel Prizes. Due to the level of scepticism surrounding the will, it was not until 26 April 1897 that the (Norwegian Parliament) approved it.

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The executors of his will were and Rudolf Lilljequist, who formed the Nobel Foundation to take care of Nobel's fortune and organize the prizes.The members of the Norwegian Nobel Committee that were to award the Peace Prize were appointed shortly after the will was approved. The prize-awarding organisations followed: the Karolinska Institutet on 7 June, the Swedish Academy on 9 June, and the Royal Swedish Academy of Sciences on 11 June. The Nobel Foundation then reached an agreement on guidelines for how the Nobel Prize should be awarded. In 1900, the Nobel Foundation's newly created were promulgated by King. According to Nobel's will, the Royal Swedish Academy was to award the Prize in Literature. Nomination and award procedure Each year, the sends out requests for nominations of candidates for the Nobel Prize in. Members of the Academy, members of literature academies and societies, professors of literature and language, former Nobel literature laureates, and the presidents of writers' organizations are all allowed to nominate a candidate.

It is not permitted to nominate oneself.Thousands of requests are sent out each year, and as of 2011 about 220 proposals are returned. These proposals must be received by the Academy by 1 February, after which they are examined by the Nobel Committee. By April, the Academy narrows the field to around twenty candidates. By May, a short list of five names is approved by the Committee. The subsequent four months are then spent in reading and reviewing the works of the five candidates. In October, members of the Academy vote and the candidate who receives more than half of the votes is named the Nobel laureate in Literature. No one can get the prize without being on the list at least twice, thus many of the same authors reappear and are reviewed repeatedly over the years.

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The academy is master of thirteen languages, but when a candidate is shortlisted from an unknown language, they call on translators and oath-sworn experts to provide samples of that writer. Other elements of the process are similar to that of other Nobel Prizes. The judges are composed of an 18 member committee who are elected for life and up until 2018, not technically permitted to leave. On 2 May 2018, amended the rules of the academy and made it possible for members to resign. The new rules also state that a member who has been inactive in the work of the academy for more than two years can be asked to resign.The award is usually announced in October. Sometimes, however, the award has been announced the year after the nominal year, the latest being the 2018 award. In the midst of controversy surrounding claims of sexual assault, conflict of interest, and resignations by officials, on 4 May 2018, the Swedish Academy announced that the 2018 laureate would be announced in 2019 along with the 2019 laureate.

Prizes A Literature Nobel Prize laureate earns a, a bearing a, and a sum of money. The amount of money awarded depends on the income of the Nobel Foundation that year.

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If a prize is awarded to more than one laureate, the money is either split evenly among them or, for three laureates, it may be divided into a half and two quarters. If a prize is awarded jointly to two or more laureates, the money is split among them.The prize money of the Nobel Prize has been fluctuating since its inauguration but as of 2012 it stood at 8,000,000 (about 1,100,000), previously it was kr 10,000,000.

This was not the first time the prize-amount was decreased—beginning with a nominal value of kr 150,782 in 1901 (worth 8,123,951 in 2011 SEK) the nominal value has been as low as kr 121,333 (2,370,660 in 2011 SEK) in 1945—but it has been uphill or stable since then, peaking at an SEK-2011 value of 11,659,016 in 2001.The laureate is also invited to give a lecture during 'Nobel Week' in; the highlight is the prize-giving ceremony and banquet on 10 December. It is the by a large margin.Nobel Prize Medals The Nobel Prize medals, minted by in Sweden and the Mint of Norway since 1902, are registered trademarks of the Nobel Foundation. Each medal features an image of Alfred Nobel in left profile on the obverse (front side of the medal). The Nobel Prize medals for Physics, Chemistry, Physiology or Medicine, and Literature have identical obverses, showing the image of Alfred Nobel and the years of his birth and death (1833–1896). Nobel's portrait also appears on the obverse of the Nobel Peace Prize medal and the Medal for the Prize in Economics, but with a slightly different design.

The image on the reverse of a medal varies according to the institution awarding the prize. The reverse sides of the Nobel Prize medals for Chemistry and Physics share the same design. The medal for the Nobel Prize in Literature was designed. Nobel Prize Diplomas Nobel laureates receive a Diploma directly from the. Each Diploma is uniquely designed by the prize-awarding institutions for the laureate that receives it. The Diploma contains a picture and text that states the name of the laureate and normally a citation of why they received the prize.

Laureates. For a more comprehensive list, see. Potential candidates Nominations are kept secret for fifty years until they are publicly available at The Nomination Database for the Nobel Prize in Literature. Currently, only nominations submitted between 1901 and 1968 are available for public viewing.What about the rumours circling around the world about certain people being nominated for the Nobel Prize this year?

- Well, either it's just a rumour, or someone among the invited nominators has leaked information. Since the nominations are kept secret for 50 years, you'll have to wait until then to find out.