What is "prize fighting"

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.]

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

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

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

2. Hence, specifically;

   1. (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.

   2. 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.

   3. 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. 1

4. 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.