I realized that Big B is old enough and smart enough to begin to manage his own money, and to perhaps begin to conceptualize value. I posted the question of allowance to fellow parents in the social media world, and learned so much about the way other families handle this issue. Papa, Big B and I had a meeting, and agreed on a plan.
First, we emptied Big B's piggy bank, which contained, for the most part, all of the money he'd earned since his savings account was opened at birth. Big B helped me sort all of the money, bills and coins alike, by denomination.
And now, each Friday, Big B will get an allowance. This will not be tied to his household chores, as he is expected to pitch in as a family member anyway--and he can always go above and beyond to earn extra money. Like many families, we chose the dollar-per-year-of-age method. Together, we decided on his budget: one-third into his long-term savings, one-third is for spending (or short-term savings), one-sixth to charity, and one-sixth will go toward our family's Redwoods Forest Vacation Fund.