(like a wooden spoon or gag gift)?
Here is a report on the term based on its usage and origins: booby prize
The term is believed to have first appeared in print in 1881 in The Oberlin Review , an Ohio newspaper. (like a wooden spoon or gag gift)
It can be used to describe an unwanted award or a negative outcome in a professional context, such as a "Booby Prize" awarded by journalists for low transparency in investment funds. Distinctions: Booby Prize: A prize for coming in last. Distinctions: Booby Prize: A prize for coming in last
Origins of the phrase in literature or popular culture?
A is a prize given to the person or team that finishes last in a game or contest, often as a lighthearted or ironic award . While traditionally it signifies the worst performance, it can sometimes be used to jokingly honor a last-place finisher.