[1] : The Collaborative International Dictionary of English v.0.48

prize \prize\ primacz, n. f. prise a seizing, hold, grasp,
   fr. pris, p. p. of prendre to take, l. prendere, prehendere;
   in some senses, as 2
   b, either from, or influenced by, f. prix price. see
       prison, prehensile, and cf. pry, and also price.
       1913 webster

   1. that which is taken from another; something captured; a
      thing seized by force, stratagem, or superior power.
      1913 webster

            i will depart my pris, or my prey, by deliberation.
                                                  --chaucer.
      1913 webster

            his own prize,
            whom formerly he had in battle won.   --spenser.
      1913 webster

   2. hence, specifically;
      a law anything captured by a belligerent using the
          rights of war; esp., property captured at sea in
          virtue of the rights of war, as a vessel. --kent.
          --brande  c.
      b an honor or reward striven for in a competitive
          contest; anything offered to be competed for, or as an
          inducement to, or reward of, effort.
          1913 webster

                i'll never wrestle for prize more. --shak.
          1913 webster

                i fought and conquered, yet have lost the prize.
                                                  --dryden.
          1913 webster
      c that which may be won by chance, as in a lottery.
          1913 webster

   3. anything worth striving for; a valuable possession held or
      in prospect.
      1913 webster

            i press toward the mark for the prize of the high
            calling of god in christ jesus.       --phil. iii.
                                                  14.
      1913 webster

   4. a contest for a reward; competition. obs. --shak.
      1913 webster

   5. a lever; a pry; also, the hold of a lever. written also
      prise.
      1913 webster

   prize court, a court having jurisdiction of all captures
      made in war on the high seas. --bouvier.

   prize fight, an exhibition contest, esp. one of pugilists,
      for a stake or wager.

   prize fighter, one who fights publicly for a reward; --
      applied esp. to a professional boxer or pugilist. --pope.

   prize fighting, fighting, especially boxing, in public for
      a reward or wager.

   prize master, an officer put in charge or command of a
      captured vessel.

   prize medal, a medal given as a prize.

   prize money, a dividend from the proceeds of a captured
      vessel, etc., paid to the captors.

   prize ring, the ring or inclosure for a prize fight; the
      system and practice of prize fighting.

   to make prize of, to capture. --hawthorne.
      1913 webster
see also:
prison prehensile pry price prise prize court 
prize fight prize fighter prize fighting prize master prize medal 
prize money prize ring to make prize of 

[2] : Bouvier's Law Dictionary, Revised 6th Ed (1856)

prize court, eng. law the name of court which has jurisdiction of all 
captures made in war on the high seas. 
     2. in england this is a separate branch of the court of admiralty, the 
other branch being called the instance court. q.v. 
     3. the district courts of the united states have jurisdiction both as 
instance and prize courts, there being no distinction in this respect as in 
england. 3 dall. 6; vide 1 gall. r. 563; bro. civ.  adm. law, ch. 6  7; 1 
kent, com. 356; mann. comm. b. 3, c. 12. 

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