Similar to the word participation. but of a far, far lesser level.
Often awarded as a kind of "well done for being substandard" award, which no one really wants... but seems to get given anyway in today’s society.
I gave Lou a particaption award for her effort in Russian class the other day. I realised this was in fact a spelling mistake, but to be honest I couldn’t really be bothered to change it. Plus, I really don’t think she deserved the genuine thing. No one really wants one anyway; it’s like a slap in the face for being "special".