The "No-Prize" is what the fans would "win" when they would find a continuity error inside a Marvel Comic, but made up an explanation so that it could be considered as if it was no real error at all. The fans could write a letter with the explanation to Stan Lee whom would publish it in his letter-column. If it was deemed worthy by Stan Lee, the fan got a No-Prize mailed to their home address, which was an empty envelope. In the beginning, many fans where shocked and thought that there prize had been forgotten or that somebody took it out of the envelope. Stan Lee later wrote in his letter-page that the No-Prize was in fact just an envelope. It soon became a popular item and many fans wanted to get their hands on it. In later years, when Marvel started growing, the No-Prize was only awarded inside the letter-column and no actual envelopes where send anymore.
On August 12, 2006, the first (and so far the only) Digital No-Prize was awarded to a group of Marvel fans who started a philanthropy benefiting U.S. Soldiers, Airmen, Marines, Seamen, and other servicemen by sending comics to Iraq.
No-Prizes Inside the Marvel Universe
A Marvel character named Stu Cicero from Goodman, Lieber, Kurtzberg & Holliway owns an official No-Prize.