ECO 155: Extra Credit Lesson:
Lesson Title: The Changing Face of Money
Grade level:
Teacher:
School:
Presenters:
first grade
Ms. Janet Carpenter
Bowerman Elementary School
Chelsea Chaston, Kendra Reed
Description: Students will learn about the history of money, what objects have been
used as money in the past, how money is changing today, and what kind of money might
be used in the future.
Time Limit: about 30
Origin of Lesson: EconEdLink; go to the following webpage:
http://www.econedlink.org/lessons/index.cfm?lesson=EM179
Key Concepts:
1. How money has changed over time.
2. Comparing the types of currency used in the past to the ones that are used today.
3. The reason why we use the type of money we do.
Materials:
Worksheet: History of Money (from the lesson)
Venn diagram worksheet
Colored paper and markers (to make future money)
Chart paper or Blackboard:
Overview:
1. Start by showing the students a dollar bill. Explain that we use dollars to buy the things
that we need. Then ask the students to think about the following questions:
Has dollars always been the way people traded for the things that they wanted?
Do you think that there were other ways in which they did?
Are there other ways besides dollars used today?
2. Today, we are going to play a guessing game (Pass out worksheet History of Money)
Tell the students to write a Y by each picture that they think was used as money at some
point in history, and to place an N by each picture that they believe was never used as
money. Tell them just to guess if they don’t know the answer, and not to worry about
guessing
3. After the students have completed the worksheets, review the answers with the whole
class. Many students will discover that many they marked with an N really were used as
money at one time. As you go though the answers stop when you come to the cow picture
and discuss the following:
What are some problems with using a cow as money?
Are cows easy to keep?
Can you carry them around with you?
What if you wanted to buy some bubble gum?
Is a cow for bubble gum a fair trade?
How do you trade part of a cow?
4. Explain that money must “break down” into smaller amounts to be useful. What
smaller amounts can we divide a dollar into? (Hint: what would you use to buy bubble
gum?)
What are some problems with using grain as money?
Will grain, or any food, keep for a long time?
What happens when it gets old?
Money must keep its value over time. Is it easy to keep a dollar? A penny? What are
some places we might store a dollar? A penny? Brainstorm. Chart answers on the board,
or just discuss out loud.
5. How long will a penny last? Pass out a penny to each student and or view the enlarged
pennies. (picture of the front and back of the coin.) Ask each student to find the date on
his or her penny. Ask your teacher if you need help in finding the date. Ask for the years,
and find the oldest penny in the class. Is it older than you? Is it older than your parents?
6. Show the students an enlarged picture of old U.S. coins (found at the end of this
lesson plan) and discuss them briefly with the students. Ask the following:
What is the oldest coin at this site?
How many years old is it?
(t is almost as old as the U.S., older than their great-great-great-grandparents).
Briefly compare the pennies and the old coins.
How are they alike?
How are they different?
Are the coins more alike than different?
7. Ask the students if they think U.S. money will ever change again? Explain that our
money is in the process of changing right now. Show the latest version of the $20 bill and
several older $20 bills. (see end of this lesson plan). Have the students create a Venn
Diagram comparing and contrasting the differences.
Make sure the students understand that the value of the 20 has not changed due to its
change in appearance. Ask them what they could buy with a $20 bill. Talk about the
reason why the government feels it needs to change money (Security reasons etc…)
8. Ask class whether we use anything other than paper money and coins to buy things?
After class has responded, mention any not raised, such as checks and credit cards. Did
people have credit cards 200 years ago? Talk about how many people choose to use
checks and credit cards.
Conclusion: How will our money change in the future? Design some "future money"
using art supplies that your teacher gives you. Pass out already cut pieces of colored
construction paper and have the students draw their own version of future money. (If time
doesn’t allow just discuss the concept of future money.)
Tell them to remember that money must break down into smaller amounts and keep its
value over time.
Assessment Activity:
1. Show and explain your "future money" design with the rest of your class. What is
it made of? Why? Will your money last? Does it break down into smaller units?
2. How has money changed over time? List some types of money that are no longer
used. Why not?
3. Would it be easier to make money out of tissue paper or metal? Why do we use
metal?
Edited by Dr. John Hoftyzer
Old Coins
History of money worksheet can be found at
http://www.econedlink.org/lessons/index.cfm?lesson=EM179