Money - Class 1

What is Money?

Money is a special kind of paper or metal that we use to buy things we need or want. Different coins and paper money have different values.

Let us understand with the help of an example.

Suppose you want to buy a new dress. How will you buy it?

You will ask your parents to pay money to the shopkeeper to buy a new dress.

A girl with his mom in Shopping Market - CREST Olympiads

Everything around us has cost in terms of money. A currency is a form of payment and a means of exchange. Money includes metal coins and banknotes made of paper, cotton or polymer. All around the arena, numerous currencies are in use.

We'll look at a few of them now.

These are the world's most widely used currencies.

The United States of America uses the US Dollar (USD). Its currency sign is $

One Dollar Currency - CREST Olympiads

States of the European Union, including France, Germany, Italy, etc., utilize the euro (EUR). Its symbol is €.

Hundred Euro Currency - CREST Olympiads

Japan uses the Japanese Yen (JPY). Its symbol is ¥.

Ten Thousand Yen - CREST Olympiads

The Great British Pound (GBP) is the currency used in the UK. Its symbol is £.

Ten Great British Pound - CREST Olympiads

Australia uses the Australian Dollar (AU$). It has the symbol $, A$ or AU$.

Fifty Australian Dollar - CREST Olympiads

India uses the Indian Rupee (Rs.). Its emblem is ₹.

Five Hundred Indian Rupees - CREST Olympiads

Let's look at some simple conversions:

  • ₹1 = 100 paise
  • One Rupee and one paisa coin - CREST Olympiads

  • $1 = 100 cents
  • One dollar and one Cent coin - CREST Olympiads

  • £1 = 100 pennies
  • One Pound and one Penny coin - CREST Olympiads

Counting Money

Money can be counted by the simple addition of different values.

By counting our money, we can determine how much money we have.

Example: The price of the pencil box is $3. Rock gave $5 to buy a pencil box. How much money will he get back?

a) $2
b) $3
c) $4
d) $6

Answer: a) $2

Explanation: $5 (amount given) - $3 (cost of the pencil box) = $2

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