Today in 1895, Alfred Nobel signed his last will and testament and set aside the bulk of his estate to establish the Nobel Prizes, to be awarded annually without distinction of nationality.  Nobel had invented dynamite in 1867, a substance easier and safer to handle than the more unstable nitroglycerin. Dynamite was patented in the US and the UK and was used extensively in mining and the building of transport networks internationally.  In 1875 Nobel invented gelignite, more stable and powerful than dynamite, and in 1887 patented ballistite, a predecessor of cordite.

In 1888, the death of his brother Ludvig caused several newspapers to publish obituaries of Alfred in error. One French newspaper published an obituary titled, Le marchand de la mort est mort ("The merchant of death is dead").  Nobel read the obituary and was appalled at the idea that he would be remembered in this way.  His decision to donate the majority of his wealth posthumously to found the Nobel Prize has been credited, at least in part, to his wanting to leave behind a better legacy.