Money

A currency is a system of money in general use in a particular country and includes both paper bills and coins.   

Decimalization of US Money

Dollars and cents are the units of money used in the United States. 

Dollars are the whole number part of the decimal. For example, in $3.25, the "3" represents 3 whole dollars.

Cents are the fractional part of the decimal. They represent parts of a dollar, with 1 dollar equal to 100 cents.

The decimal point separates the dollars from the cents: The first number after the decimal is the tenths place, representing dimes (10 cents each). The second number after the decimal is the hundredths place, representing pennies (1 cent each).

For example, $3.25 means 3 dollars, 2 dimes (20 cents), and 5 pennies (5 cents). Dollars and cents are a real-world example of how decimals and place value work!

Writing Dollars and Cents

In the U.S., money values are written using dollars and cents, with a dollar sign ($) to show it’s money. Here’s how it works:

1. If it’s only dollars:
   Write the number of dollars followed by the dollar sign, like this:

   • $5 means 5 dollars.
   • $20 means 20 dollars.

2. If it’s dollars and cents:
   Write the dollar amount, then a decimal point (.), and then the number of cents (always two digits):

   • $1.25 means 1 dollar and 25 cents.
   • $3.50 means 3 dollars and 50 cents.

3. If it’s only cents:
   Use the ¢ symbol to show just the cents:

   • 50¢ means 50 cents.
   • 25¢ means 25 cents.

You can also write cents as part of a dollar amount. In that case, you use a dollar sign ($) and a decimal point:

• $0.50 means 50 cents (half of a dollar).
• $0.10 means 10 cents.
• $0.01 means 1 cent.

US Coins in circulation as of 2024.

Coins

The penny, nickel, dime, and quarter are the circulating coins that we use today and have been the primary coins used for many years.

There have been many other coins produced in the past such as various half dollars and dollar coins which are still legal tender. 

Bills (Bank Notes)

American paper currency comes in seven denominations: $1, $2, $5, $10, $20, $50, and $100. Tthe $2 bill is printed in very small quantities and almost never used. 

The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills but they are still legal tender and may still be in circulation.

Practice:

Khan: Counting Money (U.S.)

Khan: Money Word Problems

Reference

https://en.wikipedia.org/wiki/Currency

https://en.wikipedia.org/wiki/Banknotes_of_the_United_States_dollar

https://www.splashlearn.com/math-vocabulary/money/cent

https://flexbooks.ck12.org/cbook/ck-12-middle-school-math-concepts-grade-6/section/3.4/primary/lesson/combinations-of-decimal-money-amounts-msm6/

https://www.npr.org/sections/money/2012/08/06/158197529/why-are-there-100-cents-in-a-dollar-ask-thomas-jefferson

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