Silver has been given as a prize in competitions in Europe since at least the 16th century. Trophies could take the form of silver arrows for archery, or bells, bowls, medals or double handed cups. Archery and horse racing were the earliest sports to see organised competition rewarded by silver prizes but trophies have since been given for all manner of sports, arts and other contests. Silver was appealing as a prize material as it was hard wearing, could be easily worked and decorated and had a substantial value.

The double-handed cup was one of the earliest and most abiding forms of sporting trophy. The original notion was that the filled cup was used to toast the victor, being passed around between the guests. However, as cups grew larger and more elaborate, their function was increasingly symbolic. The laurel wreathed plaque in the centre of the cup shows the climax of a horse race. The horses are neck and neck and one jockey has his whip poised above his head. A very similar scene is shown on a poster advertising the Richmond horse races in 1771.