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First recognized in 1900 by Max Planck, it was originally the proportionality constant between the minimal increment of energy, E, of a hypothetical electrically charged oscillator in a cavity that contained black body radiation, and the frequency, f, of its associated electromagnetic wave. In 1905 the value E, the minimal energy increment of a hypothetical oscillator, was theoretically associated by Einstein with a "quantum" or minimal element of the energy of the electromagnetic wave itself. The light quantum behaved in some respects as an electrically neutral particle, as opposed to an electromagnetic wave. It was eventually called the photon.

When did Max Planck first recognize the value of the Planck constant?
1900