What does 만원 (man won) mean?

만원 means 10,000 won. Korean counts large numbers in units of four digits rather than three: 만 (man) is 10,000 and 억 (eok) is 100,000,000. So 3만원 is ₩30,000, 15만원 is ₩150,000 and 1억 is ₩100 million. Once you think of prices as 'how many 만', most Korean price tags become easy to read.

What are the Korean banknotes?

There are four: ₩1,000 (blue, Toegye Yi Hwang), ₩5,000 (orange-red, Yulgok Yi I), ₩10,000 (green, King Sejong) and ₩50,000 (yellow, Shin Saimdang), according to the Bank of Korea. All four are 68 mm tall and get wider as the value goes up, from 136 mm to 154 mm. There is no ₩100,000 note.

Do I need cash in Korea?

Only a little. In the Bank of Korea's 2024 survey, cash made up just 15.9% of payments by number, while credit cards alone made up 46.2%. Many Seoul bus routes no longer accept cash at all (183 routes as of January 2026, according to Seoul City), so get a T-money card for transport and keep a small amount of cash for market stalls and street food.

Are Korean prices tax-included and do I tip?

Yes, menu and shelf prices in Korea include VAT, so what you see is what you pay at shops and restaurants. Tipping isn't customary. The main exception is some upscale hotels and restaurants, which add a service charge on top of VAT, so check the bill or booking page before you pay.

How to Read Korean Won Prices: Notes, Units & Checkout

The first time you see a ₩50,000 bill, it feels like a lot of money. The first time a cashier says “samman-ocheon won,” it sounds like a lot of syllables. Korean prices have more zeros than most currencies, and on top of that, Korean counts big numbers in a different rhythm from English. That’s why visitors standing at a counter in Seoul so often hold out a palm full of bills and let the cashier pick.

This guide fixes that in about ten minutes. It covers how Korean number units work, what each banknote and coin looks like (with official sizes and colors from the Bank of Korea), how to decode price tags and menus, quick conversion math at the current exchange rate, and the handful of questions every cashier will ask you.

The short answer

Think in 만 (man) = 10,000. Korean groups digits in fours, so ₩35,000 is 3만 5천 ("sam-man o-cheon") and ₩150,000 is 15만.
There are four banknotes (₩1,000 blue, ₩5,000 orange-red, ₩10,000 green, ₩50,000 yellow) and four coins you'll use (₩10, ₩50, ₩100, ₩500).
At about ₩1,340 to US$1 (October 9, 2026), ₩10,000 is roughly US$7.50. Prices include VAT and there's no tipping.

10,000

1 만 (man), the unit most Korean prices are spoken in

₩50,000

Largest banknote, issued in 2009 (Bank of Korea)

≈₩1,340

Per US$1, ECB reference rate on October 9, 2026

15.9%

Cash share of payments by number in 2024 (Bank of Korea survey)

How do Korean number units work for prices?

Korean breaks big numbers into groups of four digits, not three. English has thousand, million, billion (every three zeros). Korean has 만 (man, 10,000), 억 (eok, 100,000,000) and 조 (jo, a trillion), every four zeros. The Standard Korean Language Dictionary defines 억 as “만 times 만,” and the official spelling rules even space written numbers every four digits: 12억 3456만 7898.

For prices, the unit that matters is 만. Prices are written with commas every three digits like anywhere else (₩35,000), but they’re spoken in 만. Here’s the conversion that clears up most of the confusion:

🔢 Reading Korean price units

Number	Written in Korean	Spoken	In English
₩1,000	천 원	cheon won	one thousand
₩5,500	5천5백 원	ocheon-obaek won	five thousand five hundred
₩10,000	1만 원 / 만 원	man won	ten thousand
₩35,000	3만 5천 원	samman ocheon won	thirty-five thousand
₩100,000	10만 원	simman won	one hundred thousand
₩1,000,000	100만 원	baengman won	one million
₩10,000,000	1천만 원	cheonman won	ten million
₩100,000,000	1억 원	eok won	one hundred million

A few things to notice. People say “man won,” not “il-man won,” for ₩10,000. Prices always use the Sino-Korean numbers (il, i, sam, sa, o…), not the native Korean ones you use for counting objects. And when you hear a number ending in “-man,” just multiply by 10,000 in your head: “simman” (10 × 만) is ₩100,000, “isimman” (20 × 만) is ₩200,000.

The "move the comma" trick

To turn a written price into 만, move the comma one place left. ₩35,000 → 3.5만. ₩150,000 → 15만. ₩1,280,000 → 128만. You'll see real-estate ads, salaries and phone prices written this way, and it's how Koreans think about anything above ₩10,000.

What do Korean banknotes and coins look like?

Four banknotes, each with a Joseon-era figure on the front, and each a little wider than the one below it. All are 68 mm tall and made from cotton. The current designs were issued between 2006 and 2009.

💵 Korean banknotes in circulation (Bank of Korea)

Note	Color	Portrait (front)	Back design	Size	Current design issued
₩1,000	Blue	Toegye Yi Hwang, Confucian scholar	Gyesangjeonggeodo, a landscape painting	136 × 68 mm	2007
₩5,000	Orange-red	Yulgok Yi I, Confucian scholar	Insects and plants painting attributed to Shin Saimdang	142 × 68 mm	2006
₩10,000	Green	King Sejong, creator of Hangul	Honcheonui, an astronomical instrument	148 × 68 mm	2007
₩50,000	Yellow	Shin Saimdang, artist (mother of Yulgok)	Plum-and-moon and bamboo paintings	154 × 68 mm	2009

The ₩5,000 and ₩50,000 notes are both warm-toned, so double-check before you hand one over: the ₩50,000 is the widest and has a holographic strip down the front, while the ₩5,000 has a small round hologram patch, according to the Bank of Korea’s security-feature guide. There is no ₩100,000 note.

🪙

₩500

The big silver coin with a crane. 26.5 mm, reeded edge. Useful for lockers, claw machines and coin laundries.

🪙

₩100

Silver with Admiral Yi Sun-sin. 24 mm, reeded edge. The coin you'll get most change in.

🪙

₩50

A small silver coin with a rice stalk. 21.6 mm. Rarely needed now that prices end in hundreds.

🪙

₩10

The tiny copper-colored coin with the Dabotap pagoda. Shrunk to 18 mm in 2006; older, larger brass ₩10s still turn up.

The Bank of Korea still lists ₩1 and ₩5 coins as legal tender, but you will never see them in daily life. Older notes from previous series are also still legal tender, though the Korea Tourism Organization warns that some places may not accept them, so swap them at a bank if you get one. A torn note can be exchanged at the Bank of Korea for full value if at least three-quarters of it remains, or half value if at least two-fifths remains.

Most of the time it’s just the number plus 원 (won), but a few shorthand formats trip visitors up. These are the ones you’ll see most:

🏷️ Common Korean price formats

You see	It means	Where
15,000원	₩15,000 (원 = won)	Almost everywhere
₩15,000 or W15,000	₩15,000	Tourist areas, receipts
1.5만원 / 1만5천원	₩15,000	Signs, ads, delivery apps
15.0 or just 15	₩15,000 (thousands dropped)	Café and bar menus (common shorthand)
만원대	“In the ₩10,000s” (₩10,000–19,999)	Reviews, menus, conversation
1인분	Price per serving (per person)	BBQ and hot-pot menus
시가	Market price; ask before ordering	Seafood and raw-fish restaurants
~부터 / 원	“From” (starting price)	Beauty clinics, hair salons, tours

That “15.0” menu style is common at trendy cafés and bars, where the menu prints prices in thousands to look cleaner. If a cocktail says “18,” it’s ₩18,000, not ₩18. On BBQ menus, check the weight next to 1인분; our Korean BBQ guide explains why servings vary. At seafood restaurants, always ask the price of anything marked 시가 before it’s cooked; our guide to overcharging cases in Korea shows why.

How much is a Korean price in dollars?

At about ₩1,340 per US dollar, drop the last three zeros and multiply by 0.75. That’s based on the European Central Bank’s reference rate of ₩1,341.49 per dollar on October 9, 2026; between mid-September and early October 2026 the rate moved between roughly ₩1,339 and ₩1,388. Rates change daily, so treat this as a rule of thumb.

💱 Quick conversions (reference rates around October 9, 2026; check before you travel)

Currency	1 unit ≈	₩10,000 ≈	Mental shortcut
US dollar	₩1,340	US$7.50	Drop 3 zeros × 0.75
Euro	₩1,500	€6.70	Drop 3 zeros × 0.67
Japanese yen (100)	₩850	¥1,180	Divide won by about 8.5
Chinese yuan	₩200	CN¥50	Divide won by 200
New Taiwan dollar	₩42	NT$240	Divide won by about 42

For where to change money and which ATMs charge what, see our money exchange and ATM fees guide, and for what’s driving the won this year, the Korean won exchange rate in 2026.

What will the cashier ask you at checkout?

Usually four things: lump sum or installments, a bag, points, and a receipt. You can answer all of them with “ne” (yes) or “aniyo” (no), but here’s what they mean.

🛒 Checkout phrases in Korea

What you hear	Romanization	Meaning	What to say
일시불로 해 드릴까요?	ilsibullo hae deurilkkayo?	Pay in one go (not installments)?	“Ne, ilsibul-iyo” (yes, lump sum)
봉투 필요하세요?	bongtu piryohaseyo?	Do you need a bag? (bags cost extra)	“Ne” or “aniyo, gwaenchanayo”
포인트 적립하세요? / 멤버십 있으세요?	pointeu jeongnip-haseyo? / membeosip isseuseyo?	Collect points? Membership card?	“Aniyo, eopseoyo” (no, I don’t have one)
영수증 드릴까요?	yeongsujeung deurilkkayo?	Would you like the receipt?	“Ne” or “beoryeo juseyo” (throw it away)
카드 꽂아 주세요	kadeu kkoja juseyo	Please insert your card	Insert the chip end into the reader
서명해 주세요	seomyeong-hae juseyo	Please sign	Sign on the screen or pad
현금영수증 해 드릴까요?	hyeongeum yeongsujeung hae deurilkkayo?	Cash receipt (for Korean tax)?	“Aniyo” (visitors don’t need one)

Installments (할부, halbu) are for Korean-issued cards. Foreign cards are normally processed as lump sum, as an SBS Biz report on duty-free installment pilots noted in 2026, so just say “ilsibul.”

As for bags: since April 2019, large marts, department stores and supermarkets of 165 m² or more haven’t been allowed to hand out single-use plastic bags, so bring your own tote or buy a reusable one. Convenience stores still sell bags for a small fee. A planned convenience-store ban was put on hold indefinitely by the Ministry of Environment in November 2023, according to the Korea Times. When that ban was announced in 2022, convenience-store plastic bags cost about ₩20–50 and paper bags ₩100–250 (Newsis).

Do you need cash in Korea?

Very little. In the Bank of Korea's 2024 payment survey, cash accounted for 15.9% of payments by number, with credit cards at 46.2%. On buses, cash is disappearing fast: Seoul City listed 183 cashless bus routes as of January 2026. Get a T-money card for transport and use cards or mobile pay elsewhere (see cashless payment apps). Keep ₩20,000–30,000 in small notes for traditional-market stalls and street food, where cash or a bank transfer is still common.

Are taxes and tips included in Korean prices?

Yes to tax, no to tips. Shelf and menu prices in Korea include 10% VAT, and restaurants must display the final price you’ll pay, including any tax and service charge, under rules that took effect in 2013 (as explained by the Korea Times). Tipping isn’t customary, and a few cafés that tried tip jars in 2023 drew a public backlash. The exception is some luxury hotels and upscale restaurants, which add a 10% service charge on top of VAT: a 2024 survey of Seoul five-star hotel websites found most didn’t show the final room price up front, with final bills running 10–21% above the listed rate (Munhwa Ilbo). Our guide to free banchan and no tipping has more, and if you’re shopping big, see the real tax refund amount.

What do everyday things cost in Seoul?

A subway ride is about ₩1,550, a kimbap roll under ₩4,000 and a simple lunch around ₩9,000–11,000. These reference prices help you sense whether a number is normal.

🧾 Everyday prices in Seoul for scale (2025–2026)

Item	Price	Source
Subway base fare (adult, transport card)	₩1,550 (since June 28, 2025)	Seoul Metropolitan Government, via Etoday
City bus (trunk and branch lines, adult)	₩1,500 (since August 2023)	Seoul Media Hub
Gimbap, one roll (Seoul average)	₩3,869 (August 2026)	Korea Consumer Agency Price Info, via Herald Economy
Kimchi-stew set meal (Seoul average)	₩8,769 (August 2026)	Korea Consumer Agency Price Info, via Herald Economy
Bibimbap (national average)	₩10,314 (August 2026)	Korea Consumer Agency Price Info, via Herald Economy
Samgyetang (national average)	₩16,868 (August 2026)	Korea Consumer Agency Price Info, via Herald Economy
Starbucks Korea tall Americano	₩4,700 (since January 2025)	Segye Ilbo

For the full picture, see our Seoul eating-out prices, Korean grocery basket and Seoul transit fare history.

Sources