Money: Change and currency

Money: Change and currency

Select Lesson

Explainer Video

Tutor: Alice


Money: Change and currency

In a nutshell

Any money value can be made from a combination of notes and coins. Coins can be used for small sums of money whereas notes are only useful for transactions greater than £5 as this is the smallest note denomination there is.



Change is the money returned to a customer when they overpay for an item. Customers cannot always pay the exact price of an item and so if they overpay, change is returned so that they only pay for the item. It can be worked out using the following formula:

change=money paidprice\text{change} = \text{money paid} - \text{price}​​

Example 1

How much change should Isabelle receive if she pays £5£5 for a £2.90£2.90 magazine?

Using the formula, change=52.90=£2.10\text{change} = 5 - 2.90 = \underline{£2.10}


Currency is made up of coins and notes. The different values of these are as follows:

1p,2p,5p,10p,20p,50p,£1,£21p, 2p, 5p, 10p, 20p, 50p, £1, £2​​
£5,£10,£20,£50£5, £10, £20, £50​​

You can use the different variety of coins and notes to pay exact amounts of money in case no change is available.

Example 2

Mark can buy a £2.62£2.62 pastry without needing any change using the coins he has in his pocket. If he has 44 coins, what coins are they?

2.622=0.622.62 - 2 = 0.62

0.620.50=0.120.62 - 0.50 = 0.12​​

0.120.10=0.020.12 - 0.10 = 0.02


Hence to allow Mark to spend £2.62£2.62 exactly, he has a 2p,10p,50p and £2\underline{2p, 10p, 50p \text{ and } £2} coin.

Create an account to read the summary


Create an account to complete the exercises

FAQs - Frequently Asked Questions

Why are notes useful?

How many different coins are there?

How do you count money?


I'm Vulpy, your AI study buddy! Let's study together.