Red (or tier 1) Prize chests include a high chance silver item (low grade materials and coins) and low chances of gold items. These are the most common and are usually dotted around most levels.
Blue (or tier 2) Prize chests include a 50-50 chance for gold items/ silver items and are usually found next to somewhat tough enemies and or other red chests.
Purple Ornate (or tier 3) Prize chests gaurantee gold items, but are usually only found next to tough enemies or bosses.
126.96.36.199 19:20, 24 July 2017 (PDT) Morgan, of the party "Vulpian Knights"