It is a tradition of the Masters Golf Tournament since 1949. The green coat is the official attire of the Augusta National Golf Club. When players win the Masters they become members of the exclusive club for a lifetime.
For a year after winning the Masters the champion keeps the jacket. After that they return it to the club where it stays until they return to play.
The winner of the tournament in the previous year puts the jacket on the new winner by tradition.
There is no trophy, the winner receives the green jacket.
Green
The Masters jacket always fits the winner because they have more than one jacket stored away for the presentation. It is not like they only have the one and they pray it fits the winner. Simply before the presentation in the Butler cabin the tournament organisers would ask the Champion their jacket size and then get it so they can present it to him.
The Masters
In 2010, the winner of the Masters tournament won a prize money of $1.35 million. Phil Mickelson emerged as the champion that year, claiming both the coveted green jacket and the substantial cash prize.
The green jacket, actually a blazer, is the official jacket of members of Augusta National Golf Club. The winner of the masters becomes an honorary member and is therefore awarded a green jacket of his own.
The head master of the golf club.
Gene Sarazen
The Masters where they give the famous green jacket and The Verizon Heritage, where they give a tartan jacket. Jackets are also awarded at a umber of other tournaments including: Pheonix Open, Arnold Palmer Invitational, The Traveler's, The Greenbrier Classic, The St Jude Classic (blue and white) and the Australian Masters (yellow).
Green jacket
As of April 2014, Jack Nicklaus has won the most Masters, therefore, has the most green jackets. He has 6 green Masters jackets. The last jacket was awarded to him when he was 46 years, 82 days old in 1986. This made him the oldest winner in Masters history.
The tradition of the Green Jacket at Augusta National Golf Club dates to 1937. That year, members of the club wore green jackets during the tournament so that fans in attendance could easily recognize them if a fan needed to ask questions. According to the tournament's official website (Masters): "Jackets were purchased from the Brooks Uniform Company, New York City ... Members were not initially enthusiastic about wearing the warm, green coat. Within several years, a lightweight, made-to-order Jacket was available from the Club's Golf Shop. ... The single breasted, single vent Jacket's color is 'Masters Green' and is adorned with an Augusta National Golf Club logo on the left chest pocket. The logo also appears on the brass buttons." Soon, the Green Jacket became the symbol of membership in the ultra-exclusive Augusta National Golf Club. And slipping a jacket onto the winner of The Masters - a tradition that began in 1949 - symbolized that golfer's entry into the exclusive club of Masters champions.