diff --git a/iosApp/iosApp/ContentView.swift b/iosApp/iosApp/ContentView.swift
index 8c44246..8edc792 100644
--- a/iosApp/iosApp/ContentView.swift
+++ b/iosApp/iosApp/ContentView.swift
@@ -65,15 +65,17 @@ struct ContentView: View {
                     } else {
                         Spacer()
                     }
-                    if state.isLoading {
-                        ProgressView()
-                    } else {
-                        Button {
-                            viewModel.refresh()
-                        } label: {
-                            Image(systemName: "arrow.clockwise")
+                    if !state.isManualSource {
+                        if state.isLoading {
+                            ProgressView()
+                        } else {
+                            Button {
+                                viewModel.refresh()
+                            } label: {
+                                Image(systemName: "arrow.clockwise")
+                            }
+                            .buttonStyle(.borderless)
                         }
-                        .buttonStyle(.borderless)
                     }
                 }
             }
diff --git a/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceScreen.kt b/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceScreen.kt
index d25a985..0432e46 100644
--- a/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceScreen.kt
+++ b/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceScreen.kt
@@ -195,14 +195,16 @@ fun PriceScreen(
                                 Spacer(modifier = Modifier.weight(1f))
                             }
                         }
-                        if (state.isLoading) {
-                            CircularProgressIndicator(modifier = Modifier.size(24.dp))
-                        } else {
-                            IconButton(onClick = { viewModel.refresh() }) {
-                                Icon(
-                                    Icons.Default.Refresh,
-                                    contentDescription = stringResource(MR.strings.refresh_content_description),
-                                )
+                        if (!state.isManualSource) {
+                            if (state.isLoading) {
+                                CircularProgressIndicator(modifier = Modifier.size(24.dp))
+                            } else {
+                                IconButton(onClick = { viewModel.refresh() }) {
+                                    Icon(
+                                        Icons.Default.Refresh,
+                                        contentDescription = stringResource(MR.strings.refresh_content_description),
+                                    )
+                                }
                             }
                         }
                     }
diff --git a/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceViewModel.kt b/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceViewModel.kt
index 78cab3c..a40c00b 100644
--- a/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceViewModel.kt
+++ b/shared/src/commonMain/kotlin/xyz/tyiu/satsprice/ui/PriceViewModel.kt
@@ -207,6 +207,7 @@ class PriceViewModel(
 
     fun onSourceSelected(displayName: String) {
         val selected = sources.firstOrNull { it.displayName == displayName } ?: return
+        val previousRates = rates
         currentSource = selected
         rates = null
         _uiState.update {
@@ -216,6 +217,27 @@ class PriceViewModel(
                 rateDisplays = emptyMap(),
             )
         }
+
+        if (selected === manualSource && manualSource.rate == null) {
+            // Switching to Manual for the first time: seed it with whatever rate is already
+            // known for the default currency — the source just switched away from, or else
+            // whatever other source was last fetched — rather than starting blank.
+            viewModelScope.launch {
+                selectedSourceStore.saveSelectedSourceId(selected.id)
+                val seedRate = previousRates?.rates?.get(defaultCurrencyCode) ?: fallbackManualRate()
+                if (seedRate != null) {
+                    manualSource.rate = seedRate
+                    _uiState.update {
+                        it.copy(manualRateInput = formatAmount(seedRate, decimalDigitsFor(defaultCurrencyCode)))
+                    }
+                } else {
+                    _uiState.update { it.copy(pricedCurrencyCodes = emptySet()) }
+                }
+                refresh()
+            }
+            return
+        }
+
         viewModelScope.launch {
             selectedSourceStore.saveSelectedSourceId(selected.id)
             seedFromCache(selected)
@@ -223,6 +245,12 @@ class PriceViewModel(
         }
     }
 
+    /** The default currency's last known rate from any non-Manual source's cache, if any. */
+    private suspend fun fallbackManualRate(): BigDecimal? =
+        sources.filterNot { it === manualSource }.firstNotNullOfOrNull { source ->
+            exchangeRateStore.loadLastKnownRates(source.id)?.rates?.get(defaultCurrencyCode)
+        }
+
     fun onManualRateChanged(value: String) {
         val sanitized = sanitizeDecimalInput(value)
         _uiState.update { it.copy(manualRateInput = sanitized) }