## Tuesday, February 19, 2013

n elementary school, children will learn the con cept of money and the coins used to represents different amounts of money. It is important to recognize and know how to count and add coins. This article will help assist children in this learning process as well as give parents a few tips to get involved in helping their child master this concepts.
The basic coins used in United States currency are the penny, nickel, dime and quarter. The value of these coins are in units called "cents". A total of 100 cents equals one "dollar". One cent is shown as 1 c or \$ .01.

5 pennies = 1 nickel

10 pennies = 1 dime
25 pennies = 1 quarter
2 nickels = 1 dime
5 nickels = 1 quarter
2 dimes and 1 nickel = 1 quarter

Here's a few examples of adding coins:
4 pennies and a 1 n ickel = 1 cent + 1 cent + 1 cent + 1 cent + 5 cents = \$.01 + \$.01 + \$.01 + \$.01 + \$.05 = \$. 09 .5 pennies and 1 nickel = 1 cent + 1 cent + 1 cent + 1 cent + 1 cent + 5 ce nts = \$.01 + \$.01 + \$.01 + \$.01 + \$.01 + \$.05 = \$.10. Th is is 10 cents , which is t he same as a dime.2 dimes and 1 nickel = 10 cents + 10 cents + 5 cents = \$.10 + \$.10 + \$.05 = \$.25. This is 25 ce nts, which is the same as a quarter.
It's easy to learn how to count money, bu t s ometimes when we purchase items , we don't have the exact money and have to give more than what is needed. For example, suppose a pen and pencil costs \$0.76. You look and notice you have 3 quarters and a nickel, which adds to \$0.25 + \$0.25 + \$0.25 + \$0.05 = \$0.80. Since you gave more than is needed, you get money back. You subtract the cost from what you paid to get the amount of change. So you will get back \$0.80 - \$0.76 = \$0.04.
See another example, this time with buying 3 items. The items are a pencil, pen and small ball. The pencil costs \$ 0.24, the pen costs \$0.45 and the small ball costs \$ 0.23. The total cost of the items is \$0.92. You don't have the exact amount of money, so you pay with 3 quarters and 2 dimes for a total of \$ 0.75 + \$ 0.20 = \$ 0.95. The amount of change you get back is \$ 0.95 - \$ 0.92 = \$ 0.03.
When item's add up to more than \$1, often they are paid with paper money instead of coins. Paper money comes in \$1, \$5, \$10, \$20 and higher bills, which have the numbers showing how much they are worth. If an item is \$1, many times it is paid with the \$1 bill instead of 4 quarters of 10 dimes, which also equals \$1.
Suppose two items cost \$1.25 and you pay with a \$1 bill and 3 dimes. How much change do you get?
3 dimes = \$ 0.30 plus \$1 equals \$ 1.30. The change is \$ 1.30 - \$ 1.25 = \$ 0.05, which will be either 1 nickel or 5 pennies.
Suppose three items cost \$1.56 and you pay with a \$1 bill, 1 quarter, 3 dimes and 1 nickel. How much change do you get?
\$1 bill = \$ 1.00, 1 quarter = \$ 0.25, 3 dimes = \$ 0.30, 1 nickel = \$ 0.05. Add the money to get \$1.60. The amount of change you get is \$ 1.60 - \$ 1.56 = \$ 0.04 or 4 pennies.
*Tips for parents
When in the store, ask your child how much a couple items cost and what the change will be if you pay with a certain amount. Play games involving the use of money such as Monopoly and Life and h ave your child be th e banker. This will give him or her pra ctice counting change in more re al life situations. Keep practicing these exercises until your child can complete them correctly on a consistent basis.
This guide should help any child who has difficulties understanding how to count and add coins.