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The prize ceremonies take place annually. Each recipient, known as a laureate, receives a green gold medal plated with 24 karat gold, a diploma, and a monetary award. As of 2023, the Nobel Prize monetary award is 11,000,000 SEK, amounting to ~$1,035,000.[3] A prize may not be shared among more than three individuals, although the Nobel Peace Prize can be awarded to organisations of more than three people.