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 $1, $2, $5, $10, $20, $50, and $100. In this lesson, we will learn to identify denominations using charts and examples.
|1.||Meaning of Denominations|
|2.||Identification of Denominations|
|3.||Solved Examples on Identifying Denominations|
|4.||Practice Questions on Identifying Denominations|
|5.||FAQs on Identifying Denominations|
Meaning of Denominations
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.
Splitting up a given number into various smaller numbers is called denomination. Denomination meaning in the context of money can be well understood by thinking of place values. Let us take US currency dollars into our consideration to understand more about denominations.
Identification of Denominations
The place values are ones, tens, hundreds, thousands, and so on. $1, $10, $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 $1 or ten $10 or one $100. These are the currency notes used in the United States. The paper notes come in the following denominations:
Apart from the currency notes, there are circular-shaped objects called coins. Each coin denotes a specified number of cents. The coin denominations available are:
Every bill and coin has a monetary value. For example, the number $55.16 is 55 dollars and 16 cents.
Related Topics to Identifying Denominations
- Money Concepts
- Profit and Loss
- Decomposing Money
- Pound to Dollar Calculator
- Adding Money Calculator
- Kindergarten Money Worksheets
- Counting Money Worksheets 2nd Grade
- 3rd Grade Money Worksheets
Tips to Remember
- There are 100 cents in 1 dollar.
- Any amount can be expressed as dollars and cents.
- Money can be paid as paper notes or through an electronic transfer.
Solved Examples on Identifying Denominations
Example 1: Do two nickels and one dime have the same value?
Solution: As we know, 1 nickel = 5¢
Hence, 2 nickels = 2 × 5¢ = 10¢
One dime = 10¢
\(\therefore\) Two nickels and one dime have the same value.
Example 2: Help James identify the denominations for each object and group the below-given objects with the same denominations.
Solution: The objects which cost $1 are, toy gift box, toy candy, holly, and woolen cap.
The objects which cost $2 are, toy bell and sock.
The objects which cost $5 are, snowman and a glove.
The object which costs $10 is the Christmas tree.
\(\therefore\) James found there are 4 objects costing $1, 2 objects costing $2, 2 objects costing $5 and 1 object costing $10.
Example 3: Olivia wants to deposit $500 in her savings bank account. She has twenty $50 bills, ten $100 dollar bills, fifty $10 bills. What are the possible denominations that she can choose to make the deposit?
Solution: Given that, Olivia has twenty $50 bills, ten $100 dollar bills, fifty $10 bills.
To make $500 using $50 bills, she needs 10 × $50 = $500
To make $500 using $100 bills, she needs 5 × $100 = $500
To make $500 using $10 bills, she needs 50 × $10 = $500
\(\therefore\) Olivia can use ten $50 bills or five $100 bills or ten $50 bills.
Example 4: Help Merwin find the objects which cannot be paid using a single note or coin denomination.
Solution: The building blocks and ship can be paid using a single coin or note dominations.
The car, teddy, and letter puzzles cannot be paid using a single coin or note denomination.
\(\therefore\) Merwin found that car, teddy, and letter puzzles cannot be paid using a single coin or note denomination.
Practice Questions on Identifying Denominations
FAQs on Identifying Denominations
How Many Pennies are there in $1?
There are 100 pennies in $1. It is written as, $1 = 100¢.
Hence, using the same relation there are 600 cents or pennies in 6 dollars.
How Many Dimes are in a Dollar?
There are 10 dimes in a dollar. Similarly, we can find the number of dimes in 10 dollars too.
10 dollars = 10 × 10 dimes = 100 dimes
How Many Quarters are there in $2?
There are 8 quarters in $2. Thus, using the same fact we can find quarters in 4 dollars too.
$1 has 4 quarters which gives 16 quarters in 4 dollars.
How Many Pennies Make a Dime?
10 pennies make a dime. 1 penny = 1¢ and 1 dime = 10¢. Thus 1 dime = 10 pennies
What is the Highest Denomination of Currency Note in the US?
There are 7 note denominations in US, $1, $2, $5, $10, $20, $50 and $100. One hundred dollars is the highest currency note denomination among them in the US.
How Much is $50 in Cents?
50 Dollars in cents is equal to 5000 cents. This is derived from the relation that 1 dollar has 100 cents.
What are the US Currency Denominations?
One dollar, two dollars, five dollars, ten dollars, twenty dollars, fifty dollars, and hundred dollars are the paper currency notes, and one cent, two cents, five cents, ten cents, twenty-five cents, and fifty cents are the coin denominations.