Understanding Money

Understanding how money works is a second grade, Common Core math skill: 2.MD.8. Below we show two videos that demonstrate this standard. Then, we provide a breakdown of the specific steps in the videos to help you teach your class.

Prior Learnings

Your students will have learned how to measure objects through non-standard units, like using paperclips to measure a pencil (1.MD.1). They should also be able to compare objects using terms like longer, shorter, longest, and shortest (1.MD.2). 

Future Learnings

In the future, understanding how to measure objects with a ruler will help your students expand on and apply the concept elsewhere. Students will be able to make a line plot, measure objects, and place those measurements on the plot (2.MD.9). Your students will also be able to use rulers marked with halves and fourths of an inch (3.MD.3) and apply “linear measurement to measure perimeter and area” (3.MD.5- 8).

Common Core Standard: 2.MD.8 - Solve word problems involving dollar bills, quarters, dimes, nickels, and pennies, using $ and ¢ symbols appropriately

Students who understand this principle can:

1. Identify dollar bills, quarters, dimes, nickels, and pennies and their values.
2. Solve word problems that involve money.
3. Use symbols “$” and “¢” correctly.
4. Depict the same values of money in different ways.

2 Videos to Help You Teach Common Core Standard: 2.MD.8

Below we provide and breakdown two videos to help you teach your students this standard.

Video 1: Counting and Comparing Coin Values

 The video starts by explaining that we use money everywhere: banks, stores, arcades, etc.. The lesson teaches students how to identify a value of a set of coins and then compare it to the value of another set of coins. 

First, the video introduces pennies, nickels, dimes, and quarters, stating their value and showing both sides of the coins. It also explains that though the dime is smaller than the penny, it is worth more.  

Then, the video counts sets of each coin, showing students how to count their values.

1. There are 4 pennies. Since each penny is worth 1 cent, you count by 1s.
   a. 4 pennies are worth 4 cents.
2. There are 4 nickels. Since each nickel is worth 5 cents, you can count by 5s.
   a. 4 nickels are worth 20 cents.
3. There are 4 dimes. Since each dime is worth 10 cents, you can count by 10s.
   a. 4 dimes are worth 40 cents.
4. There are 4 quarters. Since each quarter is worth 25 cents, you can count by 25s.
   a. 4 quarters are worth 100 cents.
   b. 100 cents are the same as 1 dollar.

Next, the video presents a group of coins. It starts by counting the quarters since they have the highest value; then it adds the other coins values in descending value.

1. Begin with 2 quarters = 50¢
2. Plus 2 dimes = 70¢
3. Plus 3 nickels = 85¢
4. Plus 4 pennies = 89¢.

The video offers another example of counting coins, totalling 37¢. Then, it asks students to compare two sets of coins and identify which group has higher value, using greater and less than symbols.

1. The first set equals 89¢.
2. The second set equals 37¢.
3. 89¢ > 37¢.
   a. If the order is switched, then 37¢ < 89¢.

Video 2: Helping Edward Count Coins and Dollar Bills

The video starts by explaining what each coin values: pennies (1 cent), nickels (5 cents), dimes (10 cents), and quarters (25 cents). The “¢” is the symbol for cent and goes after the number.

 Boddle also explains that 100¢ is equal to 1 dollar. However, instead of a coin, we use a dollar bill to represent 1 dollar ($1), and the dollar sign is placed before the number.

 To practice what students have just learned, Boddle helps Edward count the value of coins he found.

1. Edward foun 1 nickel and 6 pennies. 
2. 1 nickel is worth 5¢ and 1 pennies is worth 1¢.
   a. After adding the values together, Edward finds he has 11¢.
3. Before finding the coins, Edward already had 5 one dollar bills and 3 quarters.
4. 5 one dollar bills equals $5, and 3 quarters equals 75¢.
   a. The above value can be written as $5.75
5. After adding 11¢ to 75¢, Edward learns he now had 86¢.
6. Edward had 5 dollars and 86 cents: $5.86.

Edwards then spends 2 dimes and 1 quarter on snacks. The viewers are asked to find how much money he now has left.

1. Edward spent 45¢ on snacks.
2. 86¢ minus 45¢ equals 41¢. 
3. He has $5.41 left.

Want more practice?

Give your students additional standards-aligned practice with Boddle Learning. Boddle includes questions related to Comparing and Measuring Lengths plus rewarding coins and games for your students to keep them engaged. Click here to sign up for Boddle Learning and create your first assignment today.

*Information on standards is gathered from The New Mexico Public Education Department's New Mexico Instructional Scope for Mathematics and the Common Core website.