Fun and Interesting Facts about Money for Kids

What is money?

Money is what we use to pay for goods or services. Money is something we use to pay for the things we need and want.

Think of money as a special tool. Just like you use crayons to draw or scissors to cut, grown-ups use money to trade for things like toys, food, and clothes.

Where Does Money Come From?

Have you ever wondered where the money comes from? Let’s explore this interesting topic together! Money comes from the government, and it’s made in special places called mints and printing presses. mints, where they make coins, and printing presses, where they print bills. It’s like a big factory, but for money!

The government puts symbols and pictures on the money to make it look special and official. You’ve probably seen pictures of presidents on coins and bills, right? That’s one way to tell it’s real money!

Money in the U.S. is printed at the U.S. Mint in Philadelphia, PA.

Currency is the type of money used in a country.

In the U.S., our currency is the U.S. dollar.

Who is on our Money?

Abraham Lincoln- Penny

Thomas Jefferson – Nickel

Franklin Delano Roosevelt – Dime

George Washington – Quarter

John F. Kennedy – Half Dollar

George Washington is on $1

Abraham Lincoln is on $5

Alexander Hamilton $10

Andrew Jackson is on $20

Ulysses S. Grant is on $50

Benjamin Franklin is on $100

Thomas Jefferson is on $2

William McKinley $500 (discontinued)

Making Money

When you have a job and you get paid it is called an income.  If you get a weekly allowance for doing chores, the money you get is your income.  You may also get money for your birthday or on holidays, this is also part of your income.

The income (money) that you save is called savings.

You can use your savings to pay for the things that you need or want.

It is important to spend your money wisely and place as much as you can in your savings.

Did you ever want to buy something but didn’t have the money?  Sometimes when we want to buy something but we don’t have the money we save up to buy it. Sometimes we take out a loan.

A loan is money that you borrow from another person or organization such as a bank that you have to pay back.

The money that you borrowed, is now a debt that has to be paid back.

When you have a loan from an organization such as a bank or credit card company you usually have a time period in which you are expected to pay all the money back.  While your paying the money back, you often have to pay an extra fee.  This is called interest.  The faster you pay the loan back, the less interest you have to pay.

When you pay back all the money you owe from a loan, your credit goes up.

Credit is basically how much a person or organization such as a bank trusts that you will make good choices with your money and pay money owed back when your supposed to.

If you always pay the money you borrow back on time, the banks will trust you and you will have good credit.

If you do not pay back the money you borrow when your supposed to, the banks trust you less and your credit goes down. This makes it harder to get loans and sometimes even a job.

Having good credit makes it easier to take loans from organizations and banks.

Interesting Money Facts for Kids

  • Between 1942 and 1945 nickels didn’t have any nickel in them.  The coins were 56% copper, 35% silver and 9% manganese.  All the nickel was saved to make items needed for the war.
  • The first paper money was made in China over 1,000 years ago.
  • Legend says Martha Washington (George’s wife)  donated her own silverware to make the first U.S currency.
  • E Pluribus Unum is Latin for out of many, one meaning one country made from many states.  E Pluribus Unum is written on all U.S coins and $1 bills.
  • In God We Trust was added to coins during the Civil War.  It was added to all money in 1955.
  • There are eagles printed on all U.S currency.
  •  Did you know it actually costs 2.4 cents to make one penny that is worth 1 cent!
  • More Monopoly money is printed each year than real money.
  • Did you know that the first U.S Mint got it’s power from horses? Harnessed horses were used to power the machines to make the money.
  • When you visit another country you must use their currency to purchase goods or services.  Below is a list of some countries and their currencies.
    • Afghanistan-Afghani
    • Albania- Lek
    • Algeria- Dinar
    • Argentina – Peso
    • Australia- Australian Dollar
    • Bangladesh- Taka
    • Brazil – Brazilian Real
    • Canada -Canadian dollar
    • China – Renminbi/Yuan
    • Colombia-Colombian Peso
    • Ecuador- U.S Dollar
    • Egypt- Egyptian Pound
    • European countries (France, Germany, Greece, Italy, Netherlands, Belgium, Finland, Austria, Cyprus, Estonia, Ireland, Latvia, Luxembourg, Malta, Spain, Portugal, Slovakia, Slovenia and Lithuania)-Euro
    • Fiji-Fiji Dollar
    • India – Rupee
    • Indonesia- Rupiah
    •  Japan-Yen
    • Mexico – Peso
    • Morocco-Dirham
    • Nigeria- Naira
    • Norway- Norwegian Krone
    • Russia- Russian Ruble
    • United Kingdom- Pound
    • Uruguay- Uruguay Peso
    • Venezuela- Bolivar
    • Vietnam- Dong