Money

LEARNING OBJECTIVES

 This lesson will help you to:

• know about money.
• learn about various coins and notes used in India.
• learn how to count money.

QUICK CONCEPT REVIEW

MONEY

Money is the most important thing which is needed to purchase items that we need for living like clothes, food etc. Let us understand with the help of an example.

John and Sham want to buy an ice-cream. How can they buy it?

They have to pay money to buy ice-cream.

We term  and  as money.

The currency used in India is Rupee which is denoted by symbol 'Rs.'

Money in India comes in the form of notes as well as coins. In our country, India money is the form of rupees and paise.

Do you know?

Picture of Mahatma Gandhi is printed on every note, every not except one rupee note contains signature of RBI Governor.

Real Life Examples

Money is used to buy each and every thing. For example, we buy chocolates and pencil from money.

People deposit money in banks to keep it safe.

Historical Preview

Coins are in use since the ancient times.

Coins of 50 paisa, 25 paisa and 10 paisa are not used now in India.

• Rupees are available in the form of notes and coins.
• Paise are available only in the form of coins.

1 Rupee = 100 paise.

i.e. Rs. 1 = 100 paise.

How can you make 10 rupees from coins of Rs. 5 and Rs. 1?

Rs. 10 = 2 coins of 5 rupees each.

= 10 coins of 1 rupee each.

COINS

Coins are round in shape and are made up of metal. The number written on coins tell us the value of paise or rupee.

NOTES

Notes are rectangular in shape and are made up of paper. Notes can be used only for rupee. The number written on each Note tell us the value in terms of rupees.

COUNTING MONEY

Simple addition is used to add money of different values.

Let us understand with the help of an example.

Suppose you went to an ice-cream shop and buy some chocolates of Rs.15. Now how many notes and coins can you pay to the shop keeper?

Do you know?

The currencies of some other countries are Dollar ($) in USA, Pound in UK and Euro in Europe. The value of Indian rupees in Dollar ($), pound and Euro are given below

1$= 63.75 rupees.

1 Pound= 97.5 rupees.

1 Euro= 69.54 rupees.

We can pay for the ice-cream in different ways.

To count the notes or coins of the same value we can also use skip counting.