After discussing the value of each coin assign a value to each spelling word for that week. The harder the word the more it is worth. Ex. cry=.05 while squirrel= .25. Write each word with its value beside it and post it in the room. On the days of the spelling test cover the chart.
When giving out the words you can say for .25 cents spell the word squirrel correctly. As you grade the test write the value of each correctly spelled word beside it. The students have to add up the values and write how much they earned on the test. From this point you can take off on any number of math activities. A few examples: Students compare each weeks earning and even make a graph showing the results. Students can find how many nickels they would have if they got paid in nickels. Remainders can be introduced if extra coins are left over. Put items on board with a certain cost and have students figure if they would have enough to buy the item or figure how much more they would need. Make two list headed ODD and EVEN.Put value of each word under the correct heading. Almost every elementary math skill can be tied into this on going math/spelling activity.
I sometimes give .01 for each word that is written neatly.
Have students make a paper bank, put their name on it, and staple it to a ziplock freezer bag. Pay the students each week with play money for the amount they earned on their test. At the end of each week they count how much they have in all. At the end of the month or six weeks they count their money and inexpensive items such as a homework pass in spelling and math, 15 min. of extra time on the computer, a small piece of candy, etc. Use your imagination.