In 1892, Sir Frederick Arthur, Lord Stanley of Preston, son of the 14th Earl of Derby, paid roughly 10 guineas ($50 by today's standards) for what was to be known as the Stanley Cup, originally a bowl-shaped trophy.
Sir Arthur purchased the trophy to give to the "champion hockey team in the Dominion of Canada", reminding everyone of his time as Canada's governor in general. The original trophy was only 7.28" tall and 11.42" in diameter, paling in comparison to today's larger- than-life version which is considered priceless by athletes and fans alike.
“... considered to be priceless by athletes and fans, alike. ”