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INTRODUCTION
Children gain a lot of mathematical knowledge informally through theirexperience with money in their daily lives. Learning how to count and use, aswell as identify, coins are important basic skills related to money to be acquired
at an early age.
Spending money is an interesting way to reinforce your pupils basicmathematical skills such as addition, subtraction, multiplication and divisionbesides other language skills such as reading comprehension. Understandinghow to exchange money, plus knowing how much change you will receive whenspending money and purchasing items, are crucial.
TTooppiicc
77 Money
By the end of this topic, you should be able to:
1. Explain the concept of money in the form of notes and coins inMalaysian currency to your pupils;
2. Represent the value of Malaysian money in symbols, i.e. RM andsen;
3. Differentiate between the value of various denominations of money;
4. Exchange notes and coins for a given value of money within RM10;
5. Add and subtract money in the form of coins and notes within RM10;and
6. Solve simple problems involving money within RM10 in real-lifesituations.
LEARNING OUTCOMES
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However, pupils classroom learning experience is also important to help themclarify their misconceptions regarding money. One of the first concepts thatchildren must understand is the value of coins and notes. In this topic, you will
learn how you can help children to formalise their conceptual understanding ofmoney.
RECOGNISING NOTES AND COINS
Money, both notes and coins, has its own size, shape and colour. In theMalaysian currency, different denominations of notes and coins are used ineveryday life. It is important that children learn to recognise the various notes(named Ringgit) and coins (named Sen) in our currency.
First, introduce your pupils to the sen, and then the ringgit. Use the followingprintable pages to assist in early money identification. Pupils may use the sheetsas a colouring activity involving money including coins and notes or merely as amoney reference sheet. Refer to Table 7.1 and Table 7.2 for Malaysian coins andnotes in various denominations.
Table 7 1:
Malaysian Coins in Various Denominations
Value Front Back
5 sen
10 sen
20 sen
7.1
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50 sen
Table 7 2: Malaysian Notes in Various Denominations
Value Front Back
RM 1
RM 5
RM 10
7.1.1 Recognise the Symbols for Money
Before 1993, the symbols of $ and were used to denote a certain value formoney such as 20, 75, $5.00, $9.50, etc. The Malaysian currency was officiallychanged to the Ringgit (RM) in place of the dollar ($), while sen replaced cents() e.g. 20 sen, 75 sen, RM5.00, RM9.50, etc.
Some samples of teaching and learning activities for Money are described inthis topic.
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The following activity allows children to learn to recognise and write moneyusing the correct symbols.
Activity 1: Recognise and Write Symbols and Words for Money
Learning Outcomes:By the end of this activity, pupils should be able to:
(a) Name and write the value of money in symbols and in words.
Materials:
Pencils;
Crayons;
Coins; and
Paper.
Procedure:
(i) Ask pupils to trace the pattern of the coin. Put a piece of paper over thecoin, rub gently and then show it to the class
(ii) Trace/draw coins and notes of various denominations.
(iii) After that, ask them to cut and paste the money on the Worksheet given.
(iv) Label the traced money or drawings using symbols and words in Table 7.3.
Table 7 3: Money Tracing/Drawing
Traced Money/Drawing Symbol Words
10 sen ten sen
50 sen fifty sen
RM 10.00 ten ringgit
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7.1.2 The History of Money
Money did not exist in the olden days initially. Prior to using money to trade,bartering was the only way goods were exchanged. However, the barter systemwas not very efficient as trading animals for other goods proved inconvenient.Money acts as an intermediary for market goods, which may be exchanged for
other goods. Throughout history, money has taken many different forms,including scarce metals. Today, the majority of the types of money exchangedtakes no physical form and only exists as bytes and bits in a computer's memory.
Go to the following suggested links to learn about the history of money ingeneral and Malaysian money specifically. Then, view any home page for lessonsto learn about money skills.
http://library.thinkquest.org/28718/history.html
http://moneymuseum.bnm.gov.my/index.php?ch=8
The symbol of the coin tree (see Figure 7.1) is an adaptation from the pohonpitis (the coin tree) made from a tin bearing 13 coins issued by SultanMuhammad IV of the State of Kelantan in 1903 when it was still a tributary stateof Siam.
How do blind people know the value of coins and notes? Jot down yourideas.
ACTIVITY 7.1
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Figure 7 1:The coin treeSource: http://moneymuseum.bnm.gov.my
(a) History of MoneyThousands of years ago, money did not exist. There were no stores, marketsor other places to spend money. People got their food, clothing and shelterfrom the land around them. For many years, people lived independently oron their own and had little or no contact with others who lived far away.
In the early days, people exchanged goods by bartering for what theyneeded. For example, a person might trade animal skins for fresh fish ortrade vegetables and grains for meat. Trading one item for another is calledbartering. Under this arrangement, goods were exchanged for other goods.As the years went by, bartering became very popular. Markets were createdwhere people could trade goods and people began to depend on gettingthings from others but this was not always convenient.
Sometimes, bartering can be tricky. Let us say you go to the market with 50fish and need to bring home animal skins and grains. However, the persontrading animal skins does not need any fresh fish and wants other items forhis animal skins. You could try to trade your fish for whatever he wants,but that would take a lot of time and effort. Instead, people developedanother solution. They began to use special items, like tokens, that everyone
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agreed upon which had a certain value. You could trade your fish fortokens, and then you could use tokens to buy animal skins and grains. Theanimal skin merchant could use your tokens to buy whatever he needed.
The token system was a great improvement, because everyone could usethe tokens to get exactly what they needed.
All around the world, people developed trading systems like these. Not allof them used tokens though. Salt, shells, barley, feathers and tea leaveswere used in exchange for other goods. In most cultures, precious metalslike gold and silver were also highly valued. Many people began tradinggoods for bits of gold or silver. It is hard to tell the value of a lump of metaljust by looking at it, so merchants began weighing the gold and silverpieces. In many places, the metal was cut into circular discs and the weight
was stamped on the discs so everyone would know its value. Thesestamped discs were the earliest coins!
As the trading industry grew over the years, many countries decided tomake official money. Governments made coins out of precious metals likegold and silver, and everyone agreed on the value of each one. Theintroduction of official coins made the buying and selling of goods within acountry much easier.
Through the ages, money has become not only a medium of exchange butalso a unit and store of value. With time, money in the form of papercurrency or notes was introduced as this was convenient to be issued.
For years, most countries used only coins for their money. Coins last a longtime and are easy to use. However, the citizens of China used another kindof money. The Chinese government made its money out of paper becauseprecious metals were very rare in China. Moreover, paper bills are verylight and easy to carry. After a number of years, other countries began tomake paper money like the Chinese. These bills became very popular andmade things much easier when buying expensive items. Can you imaginetrying to buy a one hundred dollar item with coins? That would take a lotof coins indeed!
Too many coins can become rather heavy for us to carry around so it is wisethat we resort to using paper money or notes instead.
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Over the years, countries continued to develop new kinds of coins and bills,and we now have other ways to exchange money too. We can writecheques, use credit cards and transfer money electronically through
automatic teller machines (ATMs), see Figure 7.2 for example. Despite thesenew technologies, the basics of our money system still remain the same.What kind of changes in the use of money do you think we will see in thenext 100 years?
Figure 7 2: Automatic Teller Machine (ATM)
(b) The Barter SystemHave you ever wondered what it would be like and what we would dowithout money? To give children some idea about the barter system,engage them actively in a discussion about trading and fair trade.
Arrange the children in groups of six. Give each group 12 index cards, abottle of glue, scissors and magazines or departmental sales brochures,
supermarket advertisements, newspaper cuttings, etc. Ask the children tocut and paste food items on six cards and clothing items on the remainingsix cards. Have the children shuffle the cards and place them face down.Each group member then draws two cards. Children can barter (conductfair trade) within their groups so that each member finishes with one fooditem and one clothing item. Bring the pupils together to talk about theirexperience with the bartering process. Stress on the fairness and efficiencyof this type of trading.
Do you know why we use the Ringgit in Malaysia, Yen in Japan andDollar in America? Why do we have to change our money when we go
to Japan or other countries?
ACTIVITY 7.2
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The following activities can be used to help pupils recognise and identifyMalaysian currency in different ways.
Activity 2: Recognising Malaysian Coins and Notes
Learning Outcomes:
By the end of this activity, pupils should be able to:(a) Say the name of various denominations of Malaysian coins e.g. one sen,
five sen and ten sen; and
(b) Say the name of various denominations of Malaysian notes e.g. one ringgit,five ringgit and ten ringgit.
Materials:
Lyrics sheet: Ten Little Sen;
Magnetic board; and Specimen money (coins and notes) e.g. one sen, five sen and ten sen, one
ringgit, five ringgit and ten ringgit.
Procedure:
(i) Teach the children the song, Ten Little Sen (sung to the tune of TenLittle Indians.
(ii) As the class sings, place a magnetic sen on the board for each sen
mentioned in the song.(iii) When five sen is reached, put a five sen coin on the board. Similarly, when
ten sen is reached, paste a ten sen coin on the board.
(iv) Repeat the song; this time round, get the pupils to show the respectivemoney as they sing along.
Can you summarise the history of the flow of money since the bartersystem? Discuss.
ACTIVITY 7.3
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(v) Ask pupils to name the places where they can see people use money.An example is given in Figure 7.3.
(vi) Extension Activity: Replace the word sen with Ringgit to enable thepupils to say the name of Malaysian notes up to ten ringgit in a similarmanner.
Figure 7 3:
People use money in hypermarkets to buy groceries
Activity 3: Coin Patterns
Learning Outcomes:By the end of this activity, pupils should be able to:
(a) Trace the patterns of various Malaysian coins on to a sheet of paper; and
(b) Identify the features of Malaysian coins.
Materials:
Clean sheet of paper;
Pencils/crayons; and
Malaysian coins of various denominations.
Lyrics:One little, two little, three little sen;Four little, five little, six little sen;
Seven little, eight little, nine little sen;Ten little sen make a ten sen.
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Procedure:
(i) Teacher guides pupils to say aloud various denominations of Malaysiancoins.
(ii) Ask pupils to arrange and make a pattern using the coins.
(iii) Ask them to put a sheet of paper over the coins and get them to trace or rubgently on the surfaces of the coin to obtain the coin pattern with crayons.
(iv) Ask pupils to show and talk about the features of each coin traced in theirsmall groups.
(v) Guide pupils to summarise the features of various denominations of theMalaysian coins discussed.
(vi) Attach a reference sheet of the coin patterns for pupils to refer to Table 7.1.
Activity 4: Identifying Malaysian Coins
Learning Outcomes:By the end of this activity, pupils should be able to:
(a) Identify coins and their values; and
(b) Write the amount of money based on a certain value of money given.
Materials:
Coloured construction paper (Size A4);
Pencil;
Scissors; and
Specimen coins.
Procedure:
(a) Instructions/Practice: Ask pupils the following.(i) How many of you think you can count money really well and how
many think you can improve with some practice?
(ii) When it comes to counting money, bills are probably the easiestthings to count. Why? (Possible response: The amount is written onthem).
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(d) Closure:Discuss the importance of knowing the value of different money.
(e) Evaluation/Checking for Understanding:(i) Listen to pupils responses during the whole-class questioning
process.
(ii) Have pupils record their answers to the class questions on the paperprovided. Check the responses together.
7.1.3 Values of Coins and Notes
The different denominations of coins that we use daily are shown here, forexample, one sen, five sen, ten sen, twenty sen and fifty sen (See Figure 7.4). Doyou remember the features of each coin? Can you describe them?
Figure 7 4:
Different denominations of Malaysian coins
Various denominations of notes normally used by children include one ringgit,five ringgit and ten ringgit as illustrated in Table 7.2 earlier. Likewise, do youremember the features of each of these notes? Can you describe them?
7.1.4 Counting Money (Ringgit and Sen)
Lessons on Counting money using coins will teach pupils to learn about thevalue of money. As mentioned earlier, learning how to count, use and identifycoins is an important basic skill to be learnt at an early age. Printable worksheetsand sample lessons will help your pupils master the skill of counting money withcoins, whether they are just beginning to learn to count coins, or if they needadditional practice to do so.
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Here is a fun way to reinforce money skills:
(a) Take out a manila folder.
(b) Open it up.
(c) On the left side, draw a tree or paste a photocopy of it.
(d) On the right side, have four library book pockets (or as many as you needto teach your concept).
(e) Fill up the tree with little pieces of soft Velcro everywhere (on all parts ofthe branches) and take one sen, five sen, ten sen and twenty sen (cut-outsfrom a coin and coloured accordingly).
(f) Glue them to small pictures of apples printed on construction paper.Laminate and place hard Velcro on the back of the apples. Scatter thecoins everywhere so that all the one sen can be separated from the ten sen,etc. such that the tree is now filled with apples (i.e. all the scatteredcoins).
(g) On the pockets, label the values of each denomination of coins: e.g. 1 sen, 5sen, 10 sen and 20 sen.
(h) Give each pupil one of these folders and ask them to pick the apples from
the tree and place them in the correct pocket. For example, if a child picksa one sen, he or she places it in the pocket that is labelled 1 sen.
(i) When they are done, it is very easy to check their work because all youhave to do is to empty out the pockets and make sure each coin is matchedwith its appropriate value.
(j) Get pupils to count the money in the respective pockets and write the valueusing the correct symbols.
(k) Repeat the above steps and make another money tree using ringgit in placeof sen.
(l) Ask pupils to count the money by combining various pockets containingringgit and sen to let them practise counting money in ringgit and sen.
It has been shown that pupils who have worked with this activity all loved topick the apples from the tree. As a point of interest, the money tree idea can bemodified for teaching other concepts, for instance, addition and subtraction facts,telling the time, picture-word identification, phonics activities, etc. In fact, you
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can choose any concept to pick from the tree as suggested by Ms. JanyMederos, in Beginning Teacher, 1st and 2nd grade Autistic, Miami, FL.
7.1.5 Exchanging Notes and Coins
Another money skill to be learnt by pupils involves making change Thefollowing activity illustrates how children can be taught to exchange notes andcoins when performing buying and selling activities.
Activity 5: Making Change
Learning Outcomes:By the end of this activity, pupils should be able to:
(a) Count the correct change in sen; and
(b) Exchange notes (ringgit) and coins (sen).
Materials:
Activity sheet (containing pictured items);
Construction paper;
Scissors;
Specimen money (one ringgit and sen of various denominations);
Pen markers/coloured pencils/crayons; and
Glue.
Procedure:
(i) Give groups of children an Activity Sheet, scissors and specimen money(notes and coins).
(ii) Ask children to cut out the cards on the activity sheet and then fill in a price
of 99 sen or less for each item shown.
(iii) Ask each group member to select an item to buy, pretend to pay for it withone ringgit notes and then use the play money to show how much changethey will receive.
(iv) Group members can check each others work. Let the children paste theiritems and coins on construction paper after each transaction.
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ADDING AND SUBTRACTING MONEY
Different amounts of money may be written in several ways. Coins may bewritten with the sen symbol and the ringgit can be written with the ringgitsymbol (RM). Adding money that is expressed in these forms just involvesadding the amounts and placing the proper symbols on the answer.
One way to add money is to count the coins and then the notes on the price tagfor each item pictured. Often, money is written as a decimal with the ringgit tothe left of the decimal point and the sen to the right of the decimal point. Forexample, five ringgit and eighty-seven sen is written as RM5.87.
Money amounts are added the same way as decimals are added. Remember toput the RM sign before the answer. Similarly, money amounts are subtracted thesame way as decimals are subtracted. Again, remember to put the RM signbefore the answer. In short, subtracting and adding money are just likesubtracting and adding other decimal numbers. Always line up the decimalpoints when subtracting and adding decimals.
Let children practise adding and subtracting money in the following way:
Let us pretend you have ten ringgit to buy vegetables. Practise buying itemsfrom a grocery store and making change using decimal numbers. Use your skills
with decimals to find the answers to these questions. Remember to put thedecimal point in the proper place in your answer.
Grocery List
Did you know?
The word, money, comes from the Latin word,
Moneta. Moneta was the name of the placein ancient Rome where money was made.
Grape juice RM 2.00
Pickles RM 1.80
Banana 85 sen
Activity 6: Shopping with Money
Learning Outcomes:By the end of this activity, pupils should be able to:
(a) Buy and sell with money within RM10;
(b) Add and subtract money appropriately;
(c) Solve word problems involving the addition and subtraction of moneywithin RM10; and
7.2
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(iii) Put three ten sen inside each pupil's bank and place 9 more outside theirbanks. Ask them to determine the value of their coins.
(iv) Roll the dice to determine how much money they will have in the bank.Pupils will then put in or take out the appropriate number of sen from theirbank. (Eg: Roll a six and they will put in three more sen.) Ask them tocount the number of remaining sen outside the bank.
(v) Conduct several trials. Allow them to take turns to roll the dice.
(vi) When they are done, collect all the sen and allow your pupils to take hometheir banks.
Assessment:
Observe pupils as they place the appropriate amount of money in theirbanks.
7.2.1 Adding Coins and Notes (Worksheet)
What can you buy with the money in the box? Use the following worksheet (seeTable 7.4) and ask your pupils to add up the sums of money on the left beforematching the correct amount with the price of the items on the right.
Table 7 4
: Matching Activities
RM 7, 10 sen, 20 sen, 20 sen
(40 sen)
RM1, RM2, RM5, 10 sen, 20 sen
(RM 8.30)
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5 sen, 10 sen, 10 sen
(RM 7.50)
10 sen, 10 sen, 20 sen
(25 sen)
7.2.2 Subtracting Coins and Notes
The following worksheet (see Table 7.5) can be used to teach the skill of subtractingcoins and notes.
Table 7 5: Subtracting Coins
I Have I Buy Money Left
50 sen, 20 sen, 20 sen
45 sen
_______ sen
RM5, 50 sen
RM 3.50 sen
RM _______
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parents are able to provide them with learning experiences that will benefit themin years to come.
Family councils are an excellent way to help children learn how to managemoney. This can be done by helping them understand what money means, howto make wise and satisfying choices, how to use money to get things important tothem and how to have money on hand for daily needs as well as for emergenciesand future needs.
Children need to have money of their own to learn how to manage it. Anallowance is a better teaching method than simply giving children money upontheir request. An allowance for children should be a set amount paid outregularly and not tied to regular tasks required of the child. When deciding on
the amount of an allowance, discuss what items would be covered. The amountshould be large enough so that the child has money to manage with no stringsattached.
Money should not be used as a means to discipline, such as an incentive for goodgrades or as a reward for doing household tasks. If money is used in this manner,a child will get the idea that everyone and everything has a price tag. In addition,money should not be used to buy love or as a substitute for companionship.
Suggestions: Using Your Own Money
(a) What do you spend your money on?(b) Keep an account book for a week to find out what you spent on.
(c) How much do you save each week?
(d) Where do you put your savings?
(e) What are you saving your money for?
Date Money In Date Money Out
Record
how muchyou receive
Record
what you buy,what it costs
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A dash of humour will certainly make your lessons more interesting. Some jokeson money are given below:
7.3.1 Changing Money
Changing money is a skill that needs to be reinforced amongst children. Let ustake a look at the following scenario:
Nina and her friends save money for charity.
Nina has 132 sen.
The bank changes them for her.
She gets: 1 one ringgit, 2 one sen and 3 ten sen
We write: RM1.32Ringgit sen
We put a decimal point between the ringgit and the sen when writing out thevalue for the amount of money saved.
7.3.2 Lessons on Counting and Making Change
One of the more difficult but basic money skills is understanding how to makechange and knowing how much change you will receive when spending moneyand purchasing an item or items. Use these worksheets and lessons to help yourpupils learn how to make change. Practice is available with coins and notes.Learn to make change for a ringgit. Teach by creating your own moneyworksheets and interactive lessons.
JokesWhere do you find money?In the dictionary under M
Where do fish put their money?In the riverbank
Which is the richest insect in the world?The centipede
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Please note that making change requires more advanced money skills. Prior tousing these lessons, pupils should have mastered other more basic money skills,including identifying coins and bills in the main counting money lessons
category.
Enrichment Activity:
(a) Fund RaiserAllow the pupils to decide on how to raise money and the cause.
Discuss: Where will the money go to?(Perhaps having a charity function or a class trip, for example.)
(b) Discuss how pupils earn money. How many people receive an allowance?
Create a class graph on the amounts of allowance received. Analyse theresults. What do pupils do with their allowance?
(c) Distribute a worksheet.
Pupils should be familiar with money right from preschool days. Theyshould be taught the values of various coins and notes of the Malaysiancurrency.
Classroom experience should aim at helping pupils clear their misconceptionsin order to formalise their daily experiences involving money.
Activities like trading games including buying and selling are effective inhelping pupils to understand the concept of money.
Various active learning experiences such as games and hands-on activities withmanipulation are important to help pupils consolidate their understanding ofmoney.
Allowance
Budget
Coins
Currency
Earn
Purchase
Savings
Spend
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Find out how money became a historical document of society when it was first
issued. Have a class discussion with your tutor.
Good nation development comes from good financial management and peoplewho are highly-skilled. How can this kind of people be developed in theclassroom for the future?
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APPENDIX
WORKSHEET (ENRICHMENT EXERCISE)Money in Hand Things Bought Balance