Counting Money – How We Count Money
Every country in the world uses some form of money called ‘currency’ and there are four major currencies used today:
The British Pound Sterling (changed to the European Euro on Jan. 1, 1999)
The European Euro (introduced on January 1, 1999, and adopted by 12 European countries)
The U.S. Dollar
The Japanese Yen
All money, regardless of currency, is based on an increased value usually by multiples of 10.
For example, one US dollar is 10 x 10 cents; $10 is 10 x $1; $100 is 10 x $10, and so on.
There are intermediate values too, such as 50 cents, $50, $500, but these amounts are still a function of 10.
For example, 50 cents is 10 x 5 cents; $50 is 10 x $5; $500 is 10 x $50, etc.
Counting Coins and Bills
In the following examples, we will use the U.S. Dollar currency.
Counting Coins:
The U.S. currency has coins with a value of 1 (penny), 5 (nickel), 10 (dime), 25 (quarter), and 50 cents.
Problem: 5 pennies, 3 nickels, 2 dimes, 3 quarters, one 50-cent piece. Add 5 + 15 + 20 +75 + 50 = 165. We know that 100 pennies = $1, so the total is $1 and 65 cents or $1.65.
Counting Bills (paper money):
The U.S. uses paper money with the values of $1, $5, $10, $20, $50, $100, $500, $1000, and some others with higher values.
Problem: 3 x $1, 2 x $5, 1x $20, 2 x $50, 3 x $100. Add 3 + 10 + 20 + 100 + 300 = $433 which is read as four hundred and thirty-three dollars.
Counting Bills and Coins:
Problem: 5 pennies, 3 nickels, 2 dimes, 3 quarters, one 50-cent piece AND 3 x $1, 2 x $5, 1x $20, 2 x $50, 3 x $100.
This is calculated in three steps: Add the coins, add the bills, then, add the coins and bills together.
Step 1: Add 5 + 15 + 20 +75 + 50 = 165 or $1.65
Step 2: Add 3 + 10 + 20 + 100 + 300 = $433
Step 3: Add $1.65 + $433 = $434.65
Different Currencies:
The same process is used for all currencies in the world.
Some of the countries that use the dollar are Australia, New Zealand, Hong Kong, Singapore, Taiwan, and the United States.
Some countries use the Euro, such as France, Germany, Greece, Italy, the Netherlands, and Spain.
Other countries have their own currencies. Let’s review some:
- Brazil – real
- Chile – peso
- China – yuan
- Czech Republic – koruna
- Denmark – krone
- Hungary – forint
- India – rupee
- Indonesia – rupiah
- Israel – new shekel
- Mexico – peso
- Russia – ruble
- Saudi Arabia – riyal
- Turkey – lira
- Switzerland – franc
- South Korea – won
- South Africa – rand
Quiz Time!
Questions
Name three countries that use the U.S. dollar.
Name three countries that use the European Euro.
When was the European Euro introduced?
What is the total of 15 pennies, 3 dimes, 3 nickels, 4 dimes, 3 quarters?
What is the total of 15 one-dollar bills, 2 five-dollar bills, 3 ten-dollar bills, 2 twenty-dollar bills, 1 fifty dollar bill, and 2 one-hundred dollar bills?
Answers
The United States, Canada, Australia.
France, Germany, Greece.
January 1, 1999.
Total is 175 or $1.75
Total is $345.
