In 1960, he was awarded the Nobel Prize in Chemistry for this work.He first demonstrated the accuracy of radiocarbon dating by accurately estimating the age of wood from an ancient Egyptian royal barge of which the age was known from historical documents.

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date of organic material - but an approximate age, usually within a range of a few years either way.
The other method is “Relative Dating” which gives an order of events without giving an exact age (1): typically artefact typology or the study of the sequence of the evolution of fossils.
The Greeks consider the first Olympic Games as the beginning or 776 BC.
The Muslims count the Prophet’s departure from Mecca, or the Hegira, as their beginning at AD 662.
Sample materials deposited in archaeological or geological contexts seldom remain in pristine condition, of course, they are often degraded and altered chemically.
Libby realized that the residual carbon 14 of some samples would be thus affected and suggested that some materials would be more accurate for dating than others.There are two techniques for dating in archaeological sites: relative and absolute dating.Relative dating stems from the idea that something is younger or older relative to something else. Carbon has different isotopes, which are usually not radioactive; C is the radioactive one, its half-life, or time it takes to radioactively decay to one half its original amount, is about 5,730 years.The relatively short-lived C taken into organic matter is also slightly variable. However, under about 20,000 years the results can be compared with dendrochronology, based on tree rings.The other two isotopes in comparison are more common than carbon-14 in the atmosphere but increase with the burning of fossil fuels making them less reliable for study (2); carbon-14 also increases, but its relative rarity means its increase is negligible. After this point, other Absolute Dating methods may be used.