Grade 2

Grade 2Measurement and DataMoney


Making Change for a Dollar


Making change for a dollar involves understanding how to break a dollar into smaller parts and how to make change using different denominations such as quarters, dimes, nickels, and pennies. This concept is important for efficiently handling money in daily life because it allows us to pay the exact amount instead of overpaying or underpaying.

Let's first consider what a dollar means. One dollar ($1.00) is equal to 100 cents. Common coins that make up a dollar are the quarter (25 cents), dime (10 cents), nickel (5 cents), and penny (1 cent).

The basics of transformation

When you make a purchase and give the cashier more money than the cost of the item, you need to get the difference back, which is called "revenge."

For example, if you pay a dollar to buy something worth 75 cents, you should get 25 cents in return. Let's understand how we can make 25 cents using different coins:

Use of quarters

Example: If an item costs 75 cents and you pay for it with one dollar:

1 dollar = 100 cents
Amount paid = 100 cents
Cost = 75 cents
Change = 100 – 75 = 25 cents

In this case, you could give back a quarter to make 25 cents.

Visual example:

25¢

Use of dimes and nickels

What if we wanted to use dimes and nickels instead of quarters?

Example: Use of dimes and nickels:

1 dime = 10 cents
1 nickel = 5 cents

To make 25 cents:
– 2 dimes = 20 cents
– 1 nickel = 5 cents

Total = 20 + 5 = 25 cents

Visual example:

10¢ 10¢

Understanding the different combinations

Making change is also about understanding the flexibility in how to get the same amount using different coins. Let's explore the different combinations that make up a dollar (100 cents).

Example combinations to make dollars

1. 4 quarters:

25¢ 25¢ 25¢ 25¢

2. 10 dimes:

10¢ 10¢ 10¢ 10¢ 10¢

3. 20 nickel:

4. 100 paise:

Although carrying 100 cents is impractical, making a dollar out of pennies is an option.

Example Scenario

Let’s look at some example scenarios to better understand how to bring about change.

Scenario 1: Buying candy

Imagine you buy a candy for 67 cents and pay for it with a dollar. How much change should you get and how can you create it using coins?

Calculation:

    Paid = 100 cents
    Cost of candy = 67 cents
    Change required = 100 – 67 = 33 cents
    

Making 33 cents using coins:

  • 1 quarter (25 cents)
  • 1 nickel (5 cents)
  • 3 pennies (1 cent each)
Visual representation: 25¢

Scenario 2: Buying a toy

You decide to buy a toy worth 42 cents and pay for it with one dollar. How much money do you get in return?

Calculation:

    Paid = 100 cents
    Cost of the toy = 42 cents
    Change required = 100 – 42 = 58 cents
    

Making 58 cents using coins:

  • 2 quarters (50 cents)
  • 1 nickel (5 cents)
  • 3 pennies (1 cent each)
Visual representation: 25¢ 25¢

Tips for making the transition easier

The idea of making a change is easier to grasp when you remember a few simple tips:

  • Know your coins: Memorize the value of each coin and how many coins make up a dollar.
  • Think about larger amounts first: start with quarters or dimes since they are larger denominations.
  • Add smaller coins if necessary: Use nickels and pennies to get the specific change amount.

It can also be fun to practice with friends or family. Use toy money or real coins to simulate transactions. The more you practice, the better you will understand how to make change quickly!

Remember, making changes is a skill that gets easier over time. Every transaction helps you get more comfortable with money management in real life.


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