Identification and Conversion of Money

**Category : **3rd Class

Money is defined as the equivalent of the cost of a thing. In ancient world coins were made up of gold and silver. Now a day money is available in two form coins and notes. Coins are metallic form and notes are paper form of money. Most of the money which is derived today is originated from Roman originals. Paper money was first introduced in China 15 century AD. Denomination of currency is the proper description of money. Each and every country in the world has self-denominated money. In this chapter we will learn about the money.

**Identification of Indian Money**

Money is paid against purchasing the things from shops or markets. The value of money is denominated on the notes or coins. Therefore, money is circulated in the form of notes and coins. Money is identified by its different design. Every country in the world has self-designed notes and coins. The important identifying part of notes and coins are its value those are written on the notes and coins in words and in numbers. In India the denominated coins are 5 paise, 10 paise, 20 paise, 25 paise, 50 paise, Rs 1, Rs 2, Rs 5 Rs 10 and denominated notes are Rs 1, Rs 2, Rs 5, Rs 10, Rs 20,Rs 50, Rs 100, Rs 500, Rs 1000. Rs 1 = 100 paise. Indian rupee is called INR (Indian national rupee). The symbol for the notation of rupee is Rs. and paise is P.Rupees 60 and 70 paise can be written as Rs 60 and 70 P or Rs 60.70. Therefore, rupees and paise are separated by a dot (.). Rupees 8 and 5 paise are written as Rs.8.05. Rs 8.5 is rupees 8 and 50 paise.

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**Look at the following pictures of denominated Indian coins:**

**Look at the following pictures of denominated Indian rupees:**

**Conversion of Rupees and Paise into Paise**

Hundredths part of one rupee is one paise therefore, rupees and paise are converted into each other by the factor of 100.

**The following steps are used for the conversion of rupees into paise:**

**Step 1:** To convert rupees into paise, multiply the number of rupees by 100.

**Step 2:** Resulting product is obtained in paise.

For Example, Rupees paise.

**Peter bought a balloon for Rs 15 and 25 p. The money paid by Peter to the shopkeeper in paise is:**

(a) 1225

(b) 1525

(c) 1025

(d) 2515

(e) None of these

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**Answer (b)**

**Conversion of Paise into Rupees**

The following steps are used for the conversion of paise into rupees:

**Step 1:** Divide the number of paise by 100.

**Step 2:** Put a dot mark after two digits from right of the number of paise.

**Step 3:** The resulting product is obtained in paise.

**12 coins of 20 paise are represented in rupees and paise by which one of the following?**

(a) Rs 2 and 20 paise

(b) Rs 2 and 30 paise

(c) Rs 2 and 40 paise

(d) Rs 2 and 50 paise

(e) None of these

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**Answer (c)**

12 coins of 20 paise Rs 2 and 40 paise

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