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From 1904-1929 the Royal Asiatic Society awarded a Gold Medal to a schoolboy writing on a chosen essay title. However, as entrants dwindled and few schools seemed interested in teaching Indian history, it was decided that the competition should be changed to one for undergraduate students. The change was finalised on 15th December 1931. Regulations for the University Prize Essay Fund were drawn up in 1932 and the first prize was awarded in 1933. In 1939, Professor Perceval Yetts designed a certificate to be presented with the prize (an example of this can be found in these papers). The prize was initially awarded annually but then became biennial. The prize money also increased at various intervals.
The records of the Universities Prize Essay cover the conversion from the Public School Medal to the Universities Prize Essay Fund, governance of the award and the conferment of the Honour in subsequent years. They include Rules, correspondence, and winning essays. However there are not records for all instances of the presentation of the award. Researchers are advised to also examine the Council Minutes and the Journal of the Royal Asiatic Society (both held in the RAS Collections) when researching concerning the Universities Prize Essay and its recipients.

Letter from R.E. Enthoven, member of the Universities Prize Essay Committee, to E Maclagan, Chair of the Committee, to express his disappointment at the lack of entries and their standard, and to state, that after careful perusal, he considered No.3 as the best. Handwritten with printed letterhead, dated 21 October 1936. With his letter is a note from E. Maclagan to Col. Hoysted to state that he is sending him Enthoven's letter. Handwritten with printed letterhead, dated 5 November 1936.