# 3rd Class Mathematics Money Money

## Money

Category : 3rd Class

LEARNING OBJECTIVES

• Know about money and its use
• Learn various denominations of money and coins used in India.
• Analyze situations to enable addition, subtraction, multiplication and division of money.
• Enable a child to count the money.

REAL LIFE EXAMPLES

• People make budget for their money. Budget means to plan before hand how and where to spend money.
• People save money in banks or invest for future.
• People collect coins and notes of older times.

HISTORICAL PREVIEW

• In ancient days before money was invented, the barter system was used.
• Barter is a system where people used to exchange their products with each other because they didn’t have money that time.
• The history of the rupee traces back to 15th century, when the first “rupee” is believed to be introduced by Sher Shah Suri (1486-1545)

QUICK CONCEPT REVIEW

• What is Money? Money is any object or record that is generally accepted as payment for goods and services.
• Money is also known as currency.
• The unit of currency in India is Rupees which is denoted by following symbol: Rs.
• Other important currencies in the world are USD \$ (United States Dollar which is used in America), GBP (UK Pound Sterling £) used in United Kingdom and Euro used in Europe.
• Money in India comes in form of paper as well as coins.
• 1 Rupee = 100 paisa

10 coins of 10 paisa make one Rupee.

2 coins of 50 paisa make one Rupee.

1 coins of 25 paisa make one Rupee.

1 coin of 50 paisa and 2 coins of 25 paisa make one Rupee.

• The paper based notes available in India are of

Rs. 1000, Rs. 500, Rs. 100, Rs. 50, Rs. 20, Rs. 10, Rs. 5 as shown below:

•  Till few year back there were paper notes for Rs. 2 and  Rs. 1 as well but they are no longer in use but are still valid. Their picture is as shown below:

• The coins available in India are of Rs.10, Rs.5, Rs.2, Rs.1,  50p and 25p as shown below;

AMAZING FACTS

• Paper notes are called bank notes as they are issued by the Reserve Bank of India (RBI)
• Coins of 50p, 25p and 10p are not in use in many parts of India but still there are few towns/cities where they are being used.
• Picture of Mahatma Gandhi, father of the nation, is printed on every note
• Every note contains signature of RBI Governor
• As the value of currency increases, the size of the paper note also increases.

MISCONCEPT/CONCEPT

Misconnect: If a paper note is mutilated or torn, then you feel that it cannot be used as no shopkeeper is ready to take it.

Concept: Torn or spoilt notes can be exchanged in banks and they will give you money depending on the condition of the note.

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