The most common and most likely answer to this crossword clue is the 5 letter word JEMMY
I've seen this crossword clue in Financial Times
J
E
M
M
Y
Buddy explains!
The straight part
We know that "Prize" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case prize = jemmy.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does JEMMY mean?
JEMMY noun- A baked sheep's head.
- An immigrant.
- A greatcoat.
- To shoehorn, to cram.
- Neat; elegant.
- (especially New England and Philadelphia) Chocolate sprinkles used as a topping for ice cream, cookies, or cupcakes.
- A marijuana cigarette.
- A device used to circumvent a locking mechanism; a slim jim.
- (Royal Navy) First Lieutenant (Executive Officer)
- A jemmy; a crowbar used by burglars to open windows and doors.
- A penis.
- A condom.
- (SE) Men's underwear.
- A male crab; a cock.
- A coal-car.
- To pry (something, especially a lock) open with or as if with a crowbar.