Cash Prize
Prize Money
noun
A prize of gold is so old fashioned. We use cash now, which is why this word means cash prize.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
実はコウイチの首には賞金がかけられているって知っていましたか。
Did you know that the prize money is actually on Koichi's head?
このレースの賞金は一億円です。
The prize money for this race is 100 million yen.
コンテストの賞金は、いつもらえますか?
When will I receive my prize money from the contest?