This is purely a question of curiosity. I have no strong opinion about Obama winning the Nobel Peace Prize, so it is not a subtle attempt to undermine or suggest anything pernicious.
What are the rules about the president accepting cash prizes/awards? Could Exxon create an “Institute for Identifying Great Guys” Award that comes with a nicely framed certificate and $150 million and then give it to Obama (or Bush before him)?
No, I don’t think the Nobel Committee is trying to buy access or anything (though they’re obviously hoping to boost Obama’s policy directions) but rules about such things don’t usually pay any attention to the intent.
So, can he take the medal and money? Is the medal and money the property of the United States? Can he take the medal (worth about $7,000 in gold) but not the money? Mystery option?
Art. II, Sec. 1, cl. 7 provides,
The President shall, at stated Times, receive for his Services, a Compensation, which shall neither be increased nor diminished during the Period for which he shall have been elected, and he shall not receive within that Period any other Emolument from the United States, or any of them.
This forbids him from being paid any sum, either by the U.S. or one of the individual states, other than his official salary. But it wouldn’t necessarily bar payment by anyone else - Bill Gates, Fox News, the Hashemite Kingdom of Jordan, NASCAR or the Nobel Peace Prize Committee. The intent of the provision clearly was to make the President less subject to pressure (or improper inducement) from Congress or a state while he was in office.
In practical terms, past Presidents have invariably donated cash windfalls to charity, I think.
One question I’m not quite clear on is who, exactly, offers the cash for the prize. I know the Norwegian parliament appoints the Nobel Committee, and there is a trust which funds the prize… but if the prize money is considered a gift from a foreign government, then the Foreign Gifts Act generally requires that the gift become property of the United States.