Money is the current standard by which we exchange goods and services, it is the global system of payment through which most transactions are carried out right now, but it wasn’t always this way. There were other forms of payment for transactions even before money was invented. At a point in human history, over 5000 years ago, we made use of the barter system as a form of transaction, and then we had shells, jewelry, and other forms of payment, and then eventually, we started to use money. Money has evolved over the years. From rocks, we made coins made from precious metals like bronze, gold, and silver. Now, we have paper bills. Over the world, several countries use several types of bills, from Euros to Rupees and even Pounds, but here in the U.S, we use the Dollar, and we do not only have bills but coins.
In the U.S, coins of several denominations are used like the Penny (1¢), Nickel (5¢), Dime (10¢), and Quarter (25¢). Each of these coins is different in worth and is easily distinguishable from the others. Among these coins, the dime is the smallest in size. So let’s talk about the dime and how many dimes make a dollar.
How Many Dimes Make a Dollar?
What is a Dime?
A dime is what we know as a 10-cent coin, which also means one-tenth. The name was gotten from the Latin word “Decimus.” The dime has a diameter of 0.705 inches and a thickness of 0.053 inches or 1.35 millimeters and weighs as much as 2.26 grams. On one side of the coin is Franklin D. Roosevelt; on the other is an olive branch, a torch, and an oak branch. Their edges are indented, and these indentations are called reeds, and there are 118 reeds in a dime.
Dimes and Dollars
If you’re wondering how many dimes make a dollar, you’re not the only one. Because the dime is one-tenth of the dollar, many people get confused about how many dimes make up a dollar, but the answer is pretty simple. Ten dimes make a dollar. In a dime, there are 10 cents; in a dollar, there are 100 cents. This means you have 100 cents or a dollar if you’ve got ten dimes. So there’s no need to be confused. If you got ten dimes, then you’ve gotten 1 dollar.
Dimes and Pennies
A dime is called the 10-cent coin because it is worth 10 cents, but a penny is called the one-cent coin because it is worth one cent. This means the dime is the same value as ten one-cent coins, which are a penny. So the value of a penny is one-tenth that of a dime.
Dimes and Nickels
The nickel is one of the few coins that are just as popular as the dime, and they look the same, too, with a silvery color, but they are of different sizes. While a dime is worth 10 cents, a nickel is worth 5 cents. A dime has the value of two nickels, or a nickel is worth half the value of a dime. The dime may be worth more than the nickel, but the nickel is a larger coin than it is. We can use the difference in the value of each coin to understand the difference between coins. This is why it is essential to know their worth.
Counting the Coins
Using the value of each coin, we find the difference in a combination of coins. A great illustration to understanding this would be an example.
So let’s assume that Mark found a set of coins in his pockets, and in this set of coins was a dime, two nickels, and six pennies. This is a combination of different coins; you have to know their value to know how much he has. So let’s take a look.
So we know that a dime is worth 10 cents, and one nickel is worth 5 cents which is half of a dime. This means that two nickels would be worth $0.05 + $0.05, which would be = $0.10.
Now we also know that 1 penny is worth a cent, which means that 6 pennies would be worth 6 cents.
So mark has a value of $0.10 + $0.10 + $0.06, which would now be = $0.26.
Dime Relationships to Note
1 Dime = 10 Cents
2 Dimes = 20 Cents
3 Dimes = 30 Cents
4 Dimes = 40 Cents
5 Dimes = 50 Cents
6 Dimes = 60 Cents
7 Dimes = 70 Cents
8 Dimes = 80 Cents
9 Dimes = 90 Cents
10 Dimes = 100 Cents = 1 Dollar
Other Coins Relationship
Below is an example showing the relationship other coins have to the dollar in case of further confusion. I will illustrate using a single type of coin to make it easily understandable. You can also mix other coins to equate the dollar, as shown in the example above; you have to understand the value. If you buy an item for a dollar, you can pay with two quarters or 50 cents and five dimes, which would also be 50 cents, equating to a dollar.
100 Pennies make 1 dollar
20 Nickels make 1 dollar
10 Dimes make 1 dollar
4 Quarter make 1 dollar
2 Half Dollars make 1 dollar
The U.S. has been minting dimes for centuries now, and although it has undergone some design changes, the value remains the same. Sometimes because there are currently six different coins in circulation, knowing how to use the dime can be confusing. A basic understanding of their relationship is all you need to navigate them easily. The U.S. prints about 2.8 billion dimes annually, and they are clad. This means that their outer layer is made up of nickel which surrounds an inner core of copper, so they are technically made of nickel and copper, with nickel consisting of 8.33% of the coin.
Jason Butler is the owner of My Money Chronicles, a website where he discusses personal finance, side hustles, travel, and more. Jason is from Atlanta, Georgia. He graduated from Savannah State University with his BA in Marketing. Jason has been featured in Forbes, Discover, and Investopedia.