The Concept of Nickel Money
If your parents gave you a couple of coins for your weekly allowance, do you know the value of each coin? How will you calculate the total sum or buy things with it? How will you know how much money the cashier owes you when you buy something?
We will learn about one such coin, the nickel, in this article. We will also learn how to convert it into other coin values.
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What Is a Nickel?
A nickel is a coin of the United States.
How much money is a nickel worth?
A nickel is equal to five cents.
How does a Nickel money look like?
Here’s what a nickel looks like:
You will find a picture of President Thomas Jefferson on the nickel.
Now let’s find out what is a nickel converted into other coin values.
Conversion of Nickels into Dollars
What is a nickel converted into dollars?
As 100 cents form a dollar, and 1 nickel equals five cents, we can say that 20 nickels make up a dollar.
Thus, the formula for converting nickels into dollars is
20 nickels = $1
or 1 nickel = $0.05
Here is a picture of the dollar coin:
Conversion of Nickels into Dimes
What is a nickel converted into dimes?
As 10 cents form a dime, and 1 nickel equals 5 cents, we can say that 2 nickels make up a dime.
Thus, you can convert nickels and dimes using the formula:
2 nickels = 1 dime
or 1 nickel = 0.5 dimes.
Here is a picture of a dime coin:
Conversion of Nickels into Quarters
What is a nickel converted into quarters?
As 25 cents make one quarter, and 1 nickel equals 5 cents, we can say that 5 nickels make up one quarter.
5 nickels = 1 quarter
or 1 nickel = 0.2 quarters.
Here is a picture of a quarter coin:
Solved Examples
Example 1. Albert has 4 nickels in his pocket. How many candies can he buy worth 10 cents each?
Solution: We know that the value of 1 nickel is equal to 5 cents.
or 1 nickel = 5¢
The total number of cents with Albert = 4 nickels = 4 x 5 = 20¢
The cost of 1 candy = 10¢
The number of candies Albert can buy = Total money in cents ÷ Cost of each candy
= 20¢ ÷ 10¢
= 2
Thus, Albert can buy 2 candies with 4 nickels.
Example 2. Jane has a piggy bank in which she has collected 160 nickels. How many dollars can she exchange the nickels for?
Solution: We know that 1 dollar = 20 nickels
Total number of nickels with Jane = 160
Number of dollars = 160 ÷ 20 = 8 dollars
Example 3. Anne received 10 dollars on her birthday from her grandmother. How many nickels can she convert them into?
We know that 1 dollar = 20 nickles
Total number of dollars with Anne = 10
Number of nickels = 10 x 20 = 200 nickels
Practice Problems
What is Nickel? Meaning, Definition, Examples
Joe has 10 nickels in his pocket. How many candies can he buy worth 5 pennies each?
We know that the value of 1 nickel is equal to 5 cents.
or 1 nickel = 5¢
The total number of cents with Albert = 10 nickels = 10 x 5 = 50¢
The cost of 1 candy = 5¢
The number of candies Albert can buy =
Total money in cents ÷ Cost of each candy
= 50¢÷5¢
= 10
Thus, Albert can buy 10 candies with 10 nickels.
Shaye has 60 coins in nickels. How many dollars does she have?
We know that 1 dollar = 20 nickels
or 20 nickels make up for 1 dollar.
Total number of nickels = 60
Total number of dollars = 60 ÷ 20 = 3 dollars
Amy has some nickels in her purse totaling is $2.5. How many nickels does she have?
We know that 1 dollar = 20 nickels
So, the number of nickels in $2.5 = 2.5 x 20 = 50 nickels
Ken wants to trade his 80 nickels for dollars. How many dollars will he get back?
We know that,
1 dollar = 20 nickels
or 20 nickels make up 1 dollar
So, the number of dollars in 80 nickels = 80 ÷ 20 = 4
Frequently Asked Questions
How many pennies make a nickel?
We know that the value of 1 penny is equal to 1 cent. As 5 cents make one nickel, 5 pennies make one nickel.
How many types of coins does America have?
There are five types of coins—pennies, nickels, dimes, quarters, and dollars.
How to identify each coin?
Each coin has the value written on it and has a unique picture on one side.
