The Collaborative International Dictionary of English v.0.48:

Prize \Prize\ (pr[imac]z), 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.]
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   1. That which is taken from another; something captured; a
      thing seized by force, stratagem, or superior power.
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            I will depart my pris, or my prey, by deliberation.
                                                  --Chaucer.
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            His own prize,
            Whom formerly he had in battle won.   --Spenser.
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   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.
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                I'll never wrestle for prize more. --Shak.
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                I fought and conquered, yet have lost the prize.
                                                  --Dryden.
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      (c) That which may be won by chance, as in a lottery.
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   3. Anything worth striving for; a valuable possession held or
      in prospect.
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            I press toward the mark for the prize of the high
            calling of God in Christ Jesus.       --Phil. iii.
                                                  14.
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   4. A contest for a reward; competition. [Obs.] --Shak.
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   5. A lever; a pry; also, the hold of a lever. [Written also
      prise.]
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   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.
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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.