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Money is a pretty foreign concept to children that young. Kids don't start learning to count money until grade 2 (well at least in Canada anyway). He may be excited by the idea but not really understand it.
An alternative would be to say that if he picks up all his toys for one week (or any other good deed), then he can have a new toy. You could even make a little chart and give him a star and each time he does the good deed and when he gets enough he is rewarded. This might be more rewarding for him because he realizes he has to work for things but you are using a concept that he understands.
This idea really works with a lot of my students!
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Who wants a twig when you can have the whole tree?
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