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E??EEM
The clue is "Spencer's prize". it looks as if the answer is esteem but did Spencer have a special word meaning prize?

To prize and to esteem mean the same?

Edmund Spenser (spelt with s not c) wrote

“Yet gold all is not, that doth gold seem,
Nor all good knights, that shake well spear and shield:
The worth of all men by their end esteem,
And then praise, or due reproach them yield.”

Anne Bradford give "esteem " under "prize" - and vice -versa!

Anne rules, OK!

Thank you All for your replies. Looks like esteem is the answer!