The sterling silver Commissioner's Trophy is valued at around $15,000

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Each year, the winner of the MLB World Series is honored with the Commissioner's Trophy. This professional sports league award has been administered since 1967 and was named years later, in 1985. 

The 30 teams that make up the MLB battle it out for this trophy and the World Series title. The Yankees have seven Commissioners' Trophies, the most of any team in the MLB. Since their inception, the Yankees have won 27 World Series, with seven won following the creation of the Commissioner's Trophy.

Below is a look into the history of the Commissioner's Trophy, and the awards that came before. 

Each MLB season, 30 teams battle it out for the Commissioner's Trophy. (Mary DeCicco/MLB Photos via Getty Images)

10 MEMORABLE POSTSEASON MOMENTS IN WORLD SERIES HISTORY 

1. What is the World Series Trophy called?
2. How much is a World Series Trophy worth?
3. How is the World Series Trophy made?

1. What is the World Series Trophy called?

The Commissioner's Trophy is given to the MLB team who wins the World Series. Other professional sports league trophies in the United States and Canada, excluding the Commissioner's Trophy, are named after a person. 

For example, the National Hockey League's Stanley Cup, Major League Soccer's Philip F. Anschutz Trophy, the National Basketball Association's Larry O'Brien Championship Trophy and the National Football League's Vince Lombardi Trophy.

The Commissioner's Trophy was first awarded in 1967 to the St. Louis Cardinals, when they defeated the Boston Red Sox. It was not given its current name until 1985.

The only year that a Commissioner's Trophy was not given since its creation was in 1994, during the player's strike when no World Series was played.

The Commissioner's Trophy began in 1967 and has been awarded at every World Series since except in 1994, when no World Series was played. (Greg Nelson/Sports Illustrated via Getty Images)

HISTORY OF THE MLB: FROM EARLY BEGINNINGS TO MONUMENTAL MOMENTS 

Each year, the baseball commissioner presents the trophy to the owner (or owners), general manager and manager of the winning team. 

2. How much is a World Series Trophy worth?

Each year, a new Commissioner's Trophy is made. This contrasts with a trophy like the Stanley Cup, where the same trophy is passed from champion to champion. The Commissioner's Trophy was designed by Tiffany & Co., and released in 2000. Its value is estimated at $15,000, according to CBS News. 

During the early years of the Commissioner's Trophy, the award was given in the winning team's locker room after the game. In 1997, presentations began on the field if the winner earned the championship at their home stadium. If the champion won on the road, the award was given in the clubhouse. 

Since 2017, a presentation for the winner has been done on the field, regardless of whether the winning team is at home or away.

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MLB commissioner Rob Manfred presents the Commissioner's Trophy to the winning team each year. (Robert Beck /Sports Illustrated via Getty Images)

3. How is the World Series Trophy made?

The Commissioner's Trophy is made of sterling silver, and features 30-gold plated flags, each representing an MLB team. 

The trophy is about 24 inches tall, minus its base, has a diameter of 11 inches and weighs about 30 pounds. At the bottom of the trophy is an engraving that reads "Presented by the Commissioner of Baseball." It also has the signature of current baseball commissioner Rob Manfred.