1. Five hundred thousand won.
2. Five hundred and thousand won.
Which is correct and better?
"Five hundred thousand" is 500,000. It is not clear without more context whether "Five hundred thousand won" is correctly expressed. "Five hundred and thousand" is not correct.
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"Five hundred thousand" is 500,000. It is not clear without more context whether "Five hundred thousand won" is correctly expressed.
"Five hundred and thousand" is not correct.
"Five hundred and a thousand" describes two separate numbers, 500 and 1,000.