Note I'm not a teacher.
Pride of place is the most important position in a group of things.
I recon she has a big collection of medals. Imagine she won a golden medal in 1995 at a less important tournament than the Olympics nevertheless very important one. The golden medal then took the most important position in her collection, it took pride of place.
Then in 1996 she won the golden medal at the Olympics and then pride of place (the most important position) went to that one.
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