Source : Webster's Revised Unabridged Dictionary (1913)

Prize \Prize\, v. t.
   To move with a lever; to force up or open; to pry. [Written
   also {prise}.]

Prize \Prize\, v. t. [imp. & p. p. {Prized}; p. pr. & vb. n.
   {Prizing}.] [F. priser, OF. prisier, preisier, fr. L.
   pretiare, fr. pretium worth, value, price. See {Price}, and
   cf. {Praise}.] [Formerly written also {prise}. ]
   1. To set or estimate the value of; to appraise; to price; to
      rate.

            A goodly price that I was prized at.  --Zech. xi.
                                                  13.

            I prize it [life] not a straw, but for mine honor.
                                                  --Shak.

   2. To value highly; to estimate to be of great worth; to
      esteem. ``[I] do love, prize, honor you. '' --Shak.

            I prized your person, but your crown disdain.
                                                  --Dryden.

Prize \Prize\, 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}.]

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

            I will depart my pris, or may prey, by deliberation.
                                                  --Chaucer.

            His own prize, Whom formerly he had in battle won.
                                                  --Spenser.

   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.

                I'll never wrestle for prize more. --Shak.

                I fought and conquered, yet have lost the prize.
                                                  --Dryden.
      (c) That which may be won by chance, as in a lottery.

   3. Anything worth striving for; a valuable possession held or
      in prospect.

            I press toward the mark for the prize of the high
            calling of God in Christ Jesus.       --Phil. iii.
                                                  14.

   4. A contest for a reward; competition. [Obs.] --Shak.

   5. A lever; a pry; also, the hold of a lever. [Written also
      {prise}.]

   {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.

Prize \Prize\, n. [F. prix price. See 3d {Prize}. ]
   Estimation; valuation. [Obs.] --Shak.

Source : WordNet®

prize
     adj : of superior grade; "choice wines"; "prime beef"; "prize
           carnations"; "quality paper"; "select peaches" [syn: {choice},
            {prime(a)}, {quality}, {select}]

prize
     n 1: something given for victory or superiority in a contest or
          competition or for winning a lottery; "the prize was a
          free trip to Europe" [syn: {award}]
     2: goods or money obtained illegally [syn: {loot}, {booty}, {pillage},
         {plunder}, {swag}, {dirty money}]
     3: something given as a token of victory [syn: {trophy}]

prize
     v 1: hold dear; "I prize these old photographs" [syn: {value}, {treasure},
           {appreciate}]
     2: to move or force, especially in an effort to get something
        open; "The burglar jimmied the lock", "Raccoons managed to
        pry the lid off the garbage pail" [syn: {pry}, {prise}, {lever},
         {jimmy}]
     3: regard highly; think much of; "I respect his judgement"; "We
        prize his creativity" [syn: {respect}, {esteem}, {value},
        {prise}] [ant: {disrespect}, {disrespect}]