Had some interesting experiences running as a master in Mississippi, Tennessee and Alabama...
Won an inaugural local 5k that sponsored by a the Rotary and a shoe shop, and got a single running shoe with a medal attached...
Got third in a state road mile championship when I was 52 (this was the south!). Got $20 for third overall. In the next heat a guy in his 40s ran about 30 secs slower and got $100 for first master...
Was second overall in a 5k in my 50s, and instead of going "next one down" for awards they gave me trophies for second overall, first master, and first in age group, which was a bit embarrassing....
On the plus side, in a 10k in Tupelo, they paid out cash for first grandmaster (50+), but also gave cash for the first three 40+, even if you won the grandmaster prize, and I ended up with about $400.