HMS Prize was a schooner converted to a Q ship during the First World War and commanded by Lieutenant William Sanders of the Royal Naval Reserve.

During her first patrol, Prize was involved in an engagement with a U-boat, U-93 for which Sanders received the Victoria Cross while the rest of the crew were also awarded various medals.

A steel-hulled three-masted schooner, Else was built in Groningen, the Netherlands, by the firm E. V. Smit & Zoon in 1901 for a German ship owner.

When attacked by U-boats, a portion of the ship's crew (referred to as a panic party) would appear to evacuate the vessel, sometimes setting smoke fires to simulate damage.

This would encourage its attacker to approach and when the U-boat was close enough, the Q ship's guns would become operational and open fire, hopefully destroying the submarine.

Sanders, having dispatched a panic party in a small boat thus giving the impression of a ship being abandoned, remained under cover with his men.

The U-boat approached her port quarter, whereupon Sanders ordered the White Ensign hoisted and First Prize opened fire.

The damage to the ship was serious, and the German prisoners assisted in repairs as it made for the Irish coast and received a tow as it approached Kinsale.

[12] After Prize was repaired, she returned to sea in late May, conducting a second patrol off the northwest coast of Ireland for three weeks.

The U-boat shelled Prize 30 times as it approached but once a wounded Sanders gave the order to return fire, it turned away.

Later that evening, UB-48, having worked its way into a suitable position, fired two torpedoes at Prize, one of which struck and destroyed the sailing ship.