From recent posting at NOBEL PRIZE FACTS:
*Why are the individuals and organisations awarded a Nobel Prize called Nobel Laureates?The word "Laureate" refers to being signified by the laurel wreath.
In Greek mythology, the god Apollo is represented wearing a laurel wreath on his head. A laureal wreath is a circular crown made of branches and leaves of the bay laurel (In latin: Laurus nobilis). In Ancient Greece, laurel wreaths were awarded to victors as a sign of honour - both in athletic competitions and in poetic meets.
http://www.nobelprize.org/nobel_prizes/nobelprize_facts.html
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