die Trophäe
trophy
An object, such as a cup or medal, that is awarded as a prize for a victory or a special achievement, especially in sports.
Die Mannschaft reckte stolz die Trophäe in die Höhe.
The team proudly held the trophy high in the air.

trophy
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trophy
An object, such as a cup or medal, that is awarded as a prize for a victory or a special achievement, especially in sports.
Die Mannschaft reckte stolz die Trophäe in die Höhe.
The team proudly held the trophy high in the air.

The context makes the meaning clear. In connection with sports and competitions, it means a prize. In the context of hunting, war, or conflicts, it means a keepsake from a victory or a kill.
Der Sieger des Tennisturniers erhielt eine silberne Trophäe.
The winner of the tennis tournament received a silver trophy.
In a sports context, 'Trophäe' (trophy) is often used with verbs like 'gewinnen' (to win), 'bekommen' (to receive), 'überreichen' (to present/hand over), or 'in die Höhe heben' (to lift up).
Der Kapitän durfte die Trophäe als Erster entgegennehmen.
The captain was allowed to receive the trophy first.
In this meaning, 'Trophäe' (trophy) is often used with verbs like 'sammeln' (to collect) or 'ausstellen' (to display). Common examples are hunting trophies such as antlers or a hide.
Er sammelte auf seinen Reisen Trophäen aus aller Welt.
He collected trophies from all over the world on his travels.
price / prize
'der Preis' and 'die Trophäe' can both be an award for a victory or achievement. 'der Preis' is the more general word here. It can look very different or can even consist of money. 'die Trophäe' is a visible object, for example a cup or a medal, that you often receive in sports. If you are speaking generally about an award, 'Preis' fits. If you mean the object that someone takes home or displays after winning, 'Trophäe' is more precise.

Nach dem Turnier stellte die Mannschaft die Trophäe ins Vereinsheim.
After the tournament, the team put the trophy in the clubhouse.
Adam hat beim Schulwettbewerb den ersten Preis gewonnen.
Adam won first prize in the school competition.