High Quality Content by WIKIPEDIA articles! The Albert Einstein Award (sometimes mistakenly called the Albert Einstein Medal because it was accompanied with a gold medal) was an award in theoretical physics that was established to recognize high achievement in the natural sciences. It was endowed by the Lewis and Rosa Strauss Memorial Fund in honor of Albert Einstein`s 70th birthday. It was first awarded in 1951 and included a prize money of $15,000, which was later reduced to $5,000. The winner was selected by a committee (the first of which consisted of Einstein, Oppenheimer, von Neumann and Weyl ) of the Institute for Advanced Study, which administered the award.Lewis L. Strauss used to be one of the trustees of the institute.