The Victoria Cross, (V.C.) was introduced on January 29th 1856 by Queen Victoria to reward acts of valour during the Crimean War, and it remains to this day the highest British award for bravery.
Prince Consort, (Francis Albert Augustus Charles Emmanuel) the Queen’s husband conceived the idea, but the Queen herself was personally responsible for much of the design. She altered ‘For the Brave’ to ‘For Valour’ and ordered that the Cross should be awarded only ‘to those officers and men who have served us in the presence of the enemy.’
Messrs. Hancock, London jewellers, has from the first, made the Cross, and it is hand fashioned. The metal used is taken from the guns captured from the Russians at Sebastopol during the Crimean War 1854-56.
Queen Victoria at a Parade in Hyde Park, London made the first presentation of the new decoration on June 26th 1857, when 62 sailors and soldiers received the award.
In 1856 Queen Victoria laid a Victoria Cross beneath the foundation stone of Netley Hospital. When the hospital was demolished in 1966 the V.C., known as "The Netley V.C.", was retrieved and is now on display in the Army Medical Services Museum, Ash, near Aldershot.
Holders of the Victoria Cross are entitled to an annuity, the amount of which is determined by the awarding government. Since 2002, the annuity paid by the British government is £1,495 per year.
As at January 2005, under the Canadian Gallantry Awards Order, members of the Canadian Armed Forces, or people who joined the British forces before March 31st 1949 while domiciled in Canada or Newfoundland, receive $3,000 per year.
In August of 2005, Ernest Alvia ("Smokey") Smith, Canada's last surviving V.C. recipient, died.
To see two examples of a Victoria Cross visit the recently opened gallery honouring Manitobans who have received the Victoria Cross at Canada’s National Artillery Museum located in building N-118 Shilo.
Source:
http://www.frontline-figures.com/history/vc.html