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The Three Gifts

The Wizard gave the Scarecrow a diploma, The Tinman a heart shaped clock that ticks and the Lion received a medal. Below is clips of the script as the Wizard was handing each their gift:

 

Scarecrow's Brain

Wizard
Why, anybody can have a brain. That's a very mediocre commodity.
Every pusillanimous creature that crawls on the earth,
or slinks through slimy seas has a brain! Back where I come from we
have universities - seats of great learning - where men
go to become great thinkers. And when they come out, they think deep
thoughts, and with no more brains than you have.
But - they have one thing you haven't got - a diploma!
Therefore, by virtue of the authority vested in me by the Universita Committeeatum E Pluribus Unum,
I hereby confer upon you the honorary degree of Th.D.
Scarecrow
Th.D.?
Wizard
Yeah - that - that's Dr. of Thinkology
Tinman's Heart
Wizard
As for you, my galvanized friend - you want a heart! You don't know how
lucky you are not to have one.
Hearts will never be practical until they can be made unbreakable.
Tin Man
But I - I still want one.
Wizard
Back where I come from there are men who do nothing all day but
good deeds. They are called
phil....er.....phil...er...er....good-deed-doers and their hearts are no
bigger than yours, but they have one thing
you haven't got! A testimonial!
Therefore, in consideration of your kindness, I take pleasure at this
time in presenting you with a
small token of our esteem and affection. And remember, my sentimental
friend, that a heart is not judged
by how much you love, but by how much you are loved by others.
Tin Man
Oh, Oh, it ticks! Listen! Look, it ticks!
Lion's Courage

 Wizard
As for you my fine friend, you are a victim or disorganized thinking. You are under the unfortunate
delusion that simply because you run away from danger you have no
courage! You are confusing courage with wisdom. 
Back where I come from we have men who are called heroes. Once a
year they take their fortitude out of mothballs
and parade it down the main street of the city. And they have no more
courage than you have. But - they have one thing
that you haven't got! A medal!! Therefore, for meritorious conduct,
extraordinary valor, conspicuous bravery
against wicked witches, I award you the Triple Cross. You are now a
member of the Legion of Courage!
Lion
Oh - oh, shucks, folks - I'm speechless!