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What is Money?

Money is the medium of exchange that is used to buy and sell grocery items, kids toys or anything. We use different forms of money like coins, notes and digital payment to pay for buying things. 


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Indian Currency

Different Currencies

Currency is a type of money that is used in different countries as a different form of money, below are the list  of some countries and their currencies. 


Country 

Currency

India 

Indian rupee

United States

United States dollar

United Kingdom

British pound

Ukraine

Ukrainian hryvnia

Sri Lanka

Sri Lankan rupee

Russia

Russian ruble

Austria

Euro


When people travel from one country to another country firstly they convert money into their respective country currency at local banks or credit unions.


When we convert one currency into another currency a conversion factor multiplies in our money. 

E.g 1 indian rupee = 0.013 United States Dollar here 0.013 is conversion factor.


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Types of Notes and Coins Used in India

There are different types of notes and coins used in india.

Some examples of notes and coins:-


1 Rupee Note and Coin


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2 Rupee Note and Coin 


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5 Rupee Note and Coin


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100 Rupee Note 


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200 Rupee Note


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500 Rupee Note 


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2000 Rupee Note


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Conversion of Rupee and Paise

To convert the rupee amount into paise we multiply the amount with 100.

E.g Rs 5 rupee convert into paise multiply 5 with 100 that will 500 paise.

1 Rupee = 100 Paise.

Now, 5 Rupee = 5 $\times $ 100 Paise.

So 5 rupee = 500 Paise.

To convert the paise amount into rupee we divide the amount by 100.

E.g 450 paise = 450/100 = 4.50 rupee.


How to Read Rupee and Paise.

The amount of money can be written in two ways 

1. In figures 

2. In word


In word   

In figure

4 Rupee and 50 paise 

Rs. 4.50

4 Rupee and 5 paise

Rs. 4.05


In figure dot (.) separate the rupee and paise here most of the students make mistakes in writing 50 paise and 5 paise.

Note: If paise is in less than 10 paise then write zero before paise like 8 paise 0.08 not 0.8. 


Addition and Subtraction of Money

Money having rupee and paise together can be added by the addition of money, there are different ways we can add money one is that converting money into paise and then adding or without converting adding by the normal addition method.

E.g Rs. 4.50 + Rs. 7.35 (By converting in paise)

450 paise + 735 paise = 1185 paise 

Then convert added money in rupee Rs. 11.85.


Solved Examples

Example 1. In Exchange for Rs. 5 coin how many 50 paise coins will you get?

Ans: Given Rs. 5 coin 

First we have to convert Rs. 5 coin in paise.

To convert rupee into paise we have to multiply with 100 to the rupee.

Rs. 5 coin = 5$\times$ 100 = 500 paise.

So 500 paise = 50 paise $\times$10

Hence Rs. 5 coins will equal ten, 50 paise coins.


Example 2. How many Rs. 200 notes are needed to purchase a school bag that costs Rs. 1000?

Ans: Given that school bag costs = Rs. 1000

So, we can write this Rs. 1000 = Rs. 200 $\times$ 5.

Hence five 200 notes are required to purchase a school bag.


Example 3. Write sixty-five rupees and seven paise in numerals.

Ans: Sixty-five rupee and seven paise in numerals.

As we know that to separate rupee and paise we use dot(.).

Sixty-five rupee and seven paise = Rs. 65.07


Summary

Knowing about Money is an important part of the skill for kids. They are important topics to learn as kids will remember and carry them with them for higher classes as well as for life long. Allowing kids to know different types of notes and coins and their value for buying anything is very important. Especially for kids, It is fun, engaging, and fundamental to their knowledge of money and its different forms. e.g Money in the form of notes , coins and digital money.


Learning By Doing

Add the note and coin given below and also write how many Rs. 10 rupee note and Rs. 5 coin required for added money.


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Last updated date: 27th Sep 2023
Total views: 150.6k
Views today: 4.50k

FAQs on Money

1. How many types of coins are used in India nowadays?

There are many coins present in Indiaindian but nowadays mainly four types of coins we use in money exchange: 1 rupeeexchange 1 rupee coin, 2 rupee coin, 5 rupee coin and 10 rupee coin.


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2. Four pairs of shoes cost Rs. 480. What is the cost of one pair of shoes?

Given that cost of four pairs shoes = Rs. 480.

Therfore cost of one pair of shoes = Rs. 480/4 = Rs. 120.

Hence cost of the one pair of shoes = Rs. 120.