The Masters tournament — founded in 1934 — is one of four major championships in pro golf.
Since 1949, each winner of the tournament has been presented with a green jacket.
The winner who receives one of the iconic jackets is only allowed to keep it for a year — then it has to be returned.
The first Masters was won by Horton Smith in 1934. He wasn't awarded a green jacket at the time, but he did get one when the iconic jacket became a tradition. It would later be sold for $682,000 in 2013
In 1949, Sam Snead was the first champion to receive a green jacket, and the tradition has continued in every Masters tournament since then.
The single-breasted, three-button, green blazers have been made by Cincinnati-based Hamilton Tailoring Co. since 1967, but the company is very secretive about the partnership.
According to PGA.com, the cost to make one of the jackets is estimated at $250, but neither Augusta National Golf Club nor Hamilton Tailoring has confirmed the price tag.
Although there are champions who have won the Masters many times, like six-time winner Jack Nicklaus, they're only awarded one green jacket.
At a ceremony, the winner is presented with the jacket of an Augusta club member and receives his own made-to-order jacket a month later, NBC Sports reports.
Only the current champion is permitted to take his green jacket away from the grounds of Augusta National, and then only for the year of his victory tour.
"(Augusta National doesn't) like us talking too much about this sort of thing. It's a club of highly disciplined people who like to keep certain things private. It adds to the mystique," Ed Heimann of Hamilton Tailoring once told The Enquirer.
Augusta National's strict rules about keeping green jackets weren't always in place, so some earlier champion jackets have been auctioned off to collectors.
Only three champions, including Smith, have had their jackets sold. The jacket of Doug Ford, the 1957 victor, was sold for $62,000 by a company formerly known as Green Jacket Auction.
Previous champions are allowed to wear their jackets during the Masters, but they must be returned to a cedar closet in the clubhouse once festivities end, per Bleacher Report.