(prīz) noun
1. That which is offered or won as an honor and reward for superiority or success, as in a contest; an award.
2. Anything to be striven for; a desirable acquisition; also, anything offered or won in a scheme of chance.
—adjective
1. Offered or awarded as a prize: a prize medal.
2. Having drawn a prize; entitled to a prize.
3. Highly valued or esteemed.
—v.t. prized, priz·ing
1. To value highly; regard as very valuable.
2. To estimate the value of; appraise. See synonyms under APPRECIATE, ESTEEM. [Var. of PRICE]

(prīz) noun
1. In international law, property, as a vessel and cargo, captured by a belligerent at sea in conformity with the laws of war.
2. The act of capturing; also, the person or thing captured.
3. A lever or pry; also, the hold or purchase of a lever: also spelled prise.
—v.t. prized, priz·ing
1. To seize as a prize, as a ship.
2. To raise or force with a lever; pry: also spelled prise. [<F prise something taken, booty, orig. fem. of pp. of prendre take <L praehendere seize]