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The origins of the Académie was a small council of humanists, members of the Académie française, that Colbert décided, in 1663, to have meet regularly in order to receive advice for the Latin inscriptions to be written on the public monuments and on the medals issues to celebrate the events of the reign of Louis XIV.
Organized in 1701, the Académie royale des inscriptions et médailles (Royal Academy of Inscriptions and Medals) took its current title in 1716.
In the words of the Academy's charter, it is:
The Volney prize is awarded by the Institut de France, based on the proposal by the académie.