This article presents balanced views of Mathematical Literacy (ML) and Mathematics (M), from both an analytical perspective and the subjective perspectives of teachers and learners. From the analytical perspective, policy documents and the literature spanning the period from the inception of ML to date are reviewed. Glimpses into the subjective views of teacher and learners come from a case study that involved interviewing a teacher and her learners with a view to understanding how Grade 10 learners and their teacher compared not only the nature of the two subjects but also the teaching and learning strategies associated with M and ML. Our case study confirms to a great extent the sentiments of the researchers, this time from the raw and uncensored views of those teaching and learning the subjects. Triangulating our exploration, we integrate policy, research and experience to redefine the nature, interconnectedness and equal standing of ML and M. In the light of the argument presented, the perceived existing boundaries between M and ML are challenged. The purpose is not to pull down the image and value of M, but to raise the popular image and perceived value of ML to the level of a dignified partner in the mathematics education gallery. We want to advocate the opening of higher educational courses and subsequent career pathways exclusively requiring ML as a prerequisite, justified on basis of the superior problem-solving and other valuable capabilities nurtured within our conceptualisation of the funds of knowledge associated with ML.