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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 Ilya Gershevitch to Miss Crawford, RAS Secretary, in which he gives his opinion of the report sent by Professor Ballhatchet concerning the essay on Indian Nationalism. They have spoken on the phone and have agreed that the prize should be shared between to two entrants. With this letter is a copy of Ballhatchet's report on the essay on India Nationalism before Gandhi. Typed, 2 pieces, letter dated 12 December 1967.