Learn About Money: Canadian Coins, Bills, and Smart Money Choices

Money is what you use to pay for things in Canada. It comes in two forms: coins made of metal and bills made of a special plastic material. You use money every day to buy goods and services, like food, clothes, and bus rides. Learning about money helps you make smart choices, just like you will explore in Making Simple Decisions.

Canada has several coins you need to know. Each coin has a special name and value.

• The penny was worth one cent (1¢). It was copper-coloured. Canada stopped making new pennies in 2013.
• The nickel is worth five cents (5¢). It has a beaver on the back.
• The dime is worth ten cents (10¢). It is the smallest coin and shows the Bluenose schooner.
• The quarter is worth twenty-five cents (25¢). It has a caribou on the back.
• The loonie is worth one dollar ($1). It shows a loon bird swimming.
• The toonie is worth two dollars ($2). It has a gold centre and silver ring, with a polar bear on the back.

Every Canadian coin also has a portrait of the monarch on one side. Three quarters equal exactly 75 cents, which helps you count money when buying things.

Canadian paper money is called bills or banknotes. They are made from a plastic-like material called polymer. Bills come in amounts of $5, $10, $20, $50, and $100. The $10 bill is blue-green and features Viola Desmond. Each bill has a unique colour so you can tell them apart easily. The dollar sign ($) is used to show amounts of Canadian money, like $2 or $5.

A need is something you must have to stay safe and healthy, like food, water, shelter, and warm clothing. In Canada's cold winters, a warm coat is a need. A want is something you would like but do not need to survive, like a new toy or candy. Understanding needs and wants helps you make good money choices. This connects to what you learned about Human Basic Needs: Water, Food, Shelter, and Emotional Security.

There are four important ways you can use money:

• Earn: You get money by doing work or chores, like receiving an allowance.
• Spend: You use money to buy something at a store.
• Save: You keep money to use later, perhaps in a piggy bank or wallet.
• Share: You give some money to help others.

Saving money means setting it aside so you can buy something special later. If a toy costs $2 but you only have $1, you save more money until you have enough.

A good is something you can touch and hold, like a book, toy, or snack. A service is something someone does for you, like a haircut or mail delivery. You use money to pay for both goods and services. The price is the amount of money something costs. Knowing the price helps you decide if you have enough money. You can learn more about this in Goods and Services and Types of Businesses.

Bartering means trading items directly without using money, like swapping a sandwich for an apple. Before money existed, people used bartering. Money makes buying and selling much easier because everyone agrees it has value. A bank is a safe place where people keep and save their money over time.

Money: Money is the coins and bills you use to pay for things in Canada.

Penny: A penny was a copper-coloured coin worth one cent (1¢). Canada stopped making new pennies in 2013.

Nickel: A nickel is a coin worth five cents (5¢). It has a beaver on the back.

Dime: A dime is a coin worth ten cents (10¢). It is the smallest coin in size.

Quarter: A quarter is a coin worth twenty-five cents (25¢). It shows a caribou on the back.

Loonie: A loonie is the one-dollar coin ($1). It is called a loonie because it shows a loon bird.

Toonie: A toonie is the two-dollar coin ($2). It has a gold centre and a silver ring with a polar bear.

Bill or Banknote: A bill is paper money made from polymer. Canadian bills come in $5, $10, $20, $50, and $100 amounts.

Price: The price is how much money something costs to buy at a store.

Good: A good is something you can touch and hold, like a book or a snack.

Service: A service is a helpful job someone does for you, like delivering mail or cutting hair.

Need: A need is something you must have to stay safe and healthy, like food, water, and shelter.

Want: A want is something you would like but do not need to survive, like a toy or candy.

Earn: To earn money means to receive money for doing work or chores.

Save: To save money means to keep it to use later instead of spending it right away.

Spend: To spend money means to use it to buy something.

Share: To share money means to give some of it to help others.

Barter: Bartering means trading items directly with someone without using money.

Bank: A bank is a safe place where people keep and save their money over time.

Change: Change is the money you get back when you pay more than something costs.

Dollar sign ($): The dollar sign is the symbol used to show amounts of Canadian money, like $2 or $10.

You can practice counting coins at home using real or play money. Try sorting coins by name and value from smallest to largest. You can also practice deciding if something is a need or a want before you spend money. These skills connect to Making Choices and will help you every day.

Before learning about money, you explored Human Basic Needs: Water, Food, Shelter, and Emotional Security. Knowing what people need to survive helps you understand why money is so important. Money helps families pay for the things they need most.

Learning about money connects to many other important topics. You can explore Goods and Services to learn more about what you can buy with money. You will also learn about Jobs in Communities to see how people earn money by working. Understanding Community Services for Basic Needs shows you how money helps communities take care of everyone.

You can also connect money to Types of Businesses and Community Resources to see where people spend and earn money. Learning about Roles of Community Workers and Essential Community Services shows you how workers earn money by helping others. You will also explore Functions and Services of Local Government to see how communities use money to help everyone. Finally, Making Simple Decisions and Making Choices help you decide how to use your money wisely.