Wizarding Money
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There are galleons, sickles and nuts.
The galleons are gold.
The sickles are silver.
The knuts are Bronze.

1 galleon is equal to 17 sickles.
1 sickle is equal to 29 nuts.
This means that 1 galleon is equal to 493 knuts.

So, when Hermione's parents want to transfer muggle money to wizarding money, this is how it works.

Each galleons comes out to aproximately 5 pounds, which is about maybe $5.50.

This means that a sickle would be 32 cents in American money.

This means that each knut is just about 1 penny.

So, lets go over this again.

          ~*~To Tranfer Muggle Money into Wizard Money~*~

1 galleon = $5.50
1 sickle = 32 cents
1 knut = 1 cent

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