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In Greek mythology Apollo is represented wearing a laurel-wreath on his head, and in ancient Greece wreaths were awarded to victors, both in athletic competitions, including the ancient Olympics and poetic meets under his care, as well as worn by several emperors. Whereas ancient laurel wreaths are depicted as a horseshoe shape, modern versions are usually complete rings.
In common modern idiomatic usage it refers to a victory. The expression "resting on one's laurels" refers to someone relying on their past success to cover up their current shoddy efforts.
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"Laurel wreath"