Usually means: Earnings awarded for competitive success.
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We found 7 dictionaries that define the word trophy money:

General (7 matching dictionaries)
  1. trophy money: Merriam-Webster
  2. trophy-money, trophy money: Wordnik
  3. trophy money: Wiktionary
  4. Trophy money: Dictionary.com
  5. trophy-money: Webster's 1828 Dictionary
  6. trophy money: FreeDictionary.org
  7. Trophy money: TheFreeDictionary.com

Definitions from Wiktionary (trophy money)

noun:  (historical) An annual duty formerly paid in England by housekeepers towards providing harness, drums, colours, etc. for the militia.

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