Question

What is the meaning of denomination in math?

Answer 1

Hint: You can understand this term if you are very well aware of the term currency. It can be any form of currency. You should also be aware about the types of currencies that exist. But its meaning in mathematics is very much interesting and also its application to how we use it in banks.

Complete step-by-step solution:
There are certain points which will clear the meaning of this term in mathematics.
$\left(1\right)$ A denomination is an accurate description of a currency amount, habitually for coins or banknotes. In math, the denomination often represents the face value of the currency or coins, such as four coins of denomination $5$.
$\left(2\right)$ The term denomination is used to describe a currency. Every country has its own currency as well as denominations. For example, the USA has currency Dollars and it can further be divided into different smaller currencies like $$\mathrm{\$}1,\mathrm{\$}2,\mathrm{\$}5,\mathrm{\$}10,\mathrm{\$}20,\mathrm{\$}50,and\mathrm{\$}100.$$
$\left(3\right)$The place values are ones, tens, hundreds, thousands, and so on. $$\mathrm{\$}1,\mathrm{\$}10,\mathrm{\$}100$$ are similar to place values of units, tens, and hundreds. There can be any number of one dollar, ten dollars, hundred dollars in a given amount. For example, we can say a hundred dollars comprise a hundred $$\mathrm{\$}1orten\mathrm{\$}10orone\mathrm{\$}100.$$These are the currency notes used in the United States.

Note: Money is a common term used for currency. It is exchanged between various people, used in trade, and deposited in banks. Money, be it a printed currency note or a coin, as such does not have any value. Its value is decided by the government or economists of a country who give it a particular value. We buy goods or avail of a service based on the numerical value denoted by money. Thus, there is a currency specific to every country, for example, Indian Currency is Rupees, US currency is Dollars, and so on.