The 13-year-old got his victim in a headlock and demanded the cash but nothing was handed over.
The incident happened at a school in Eastbourne in April and the matter ended in court on Tuesday morning when the 13-year-old admitted assault. Two ch
arges of blackmail were dropped by the Crown Prosecution Service.
Peter Bolwell, prosecuting, said the 13-year-old had pushed his victim on to the ground and got him in a headlock while demanding money but the other boy had not handed any cash over.
The teenager appeared in the Eastbourne Youth Court and cannot be named for legal reasons.
He told the magistrates, "I am sorry for assaulting him and asking him for money."
He was given a 12-month referral order which will involve him working with the Youth Offending Team and will also include some form of reparation.
He was also ordered by the court to write a letter apologising to his victim.
Chair of the bench Mary Gordon told the youth, "You seem to be sliding towards more serious offences. You need to think very carefully about what you are doing."
The court also heard the boy was due to change schools.
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