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consolation prize

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noun
  1. a prize, usually of minor value, given to the loser or runner-up in a contest, competition, etc., or to all losers who have performed well or met certain standards.

Origin of consolation prize

First recorded in 1885–90
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for consolation prize

consolation prize

noun
  1. a prize given to console a loser of a game
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012