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Discover Ludwig"consolation prize" is correct and usable in written English.
You can use "consolation prize" when referring to a prize given to someone who is not the overall winner or champion of an event or competition, but who still deserves an award of some kind. For example: "The runner-up of the competition was given a consolation prize of $500."
Dictionary
consolation prize
noun
An award given to persons or groups of people who do not win an event but are worthy of recognition, especially in a game show.
Exact(60)
Consolation prize.
The consolation prize?
A consolation prize, it seemed.
This was the consolation prize.
Call it Democrats' consolation prize.
It's hardly a consolation prize.
Television was a consolation prize.
Or worse, a consolation prize.
It was a consolation prize.
This is, actually, a consolation prize.
But how's this for a consolation prize?
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CEO of Professional Science Editing for Scientists @ prosciediting.com