I never gave this a second thought until a friend who works in education brought it up the other day. Should we say that a fraction like $\frac{1}{2}$ "is" a number, or "represents" a number? In particular, should we say that $\frac{1}{2}$ and $\frac{2}{4}$ "are" the same number, or "represent" the same number? (Or something else entirely?)
My immediate reaction on hearing the question was that "obviously" they are the same number. I would explain the difference between $\frac{1}{2}$ and $\frac{2}{4}$ as being analogous to the fact that one person can have two names. If I go by "Mike" to my friends and "Dr. Shulman" to my students, and one of my friends is talking about me to one of my students, they might end up having to explain that "Mike and Dr. Shulman are the same person." They wouldn't say "Mike and Dr. Shulman represent the same person." They might say "'Mike' and 'Dr. Shulman' are names for the same person", which conveys about the same meaning as the latter, but in that case the two names would be quoted, because we're talking about them as bits of syntax rather than about the objects they denote. But when a name is not quoted, we're talking about its denotation rather than the name itself, e.g. when we say "$\frac{1}{2}$ is between 0 and 1" we don't mean that the symbol "$\frac{1}{2}$" is written in between the symbols "0" and "1" on a sheet of paper, we mean that the number denoted by "$\frac{1}{2}$" lies in between the numbers denoted by "0" and "1" with respect to the ordering of rational numbers. So we can say "$\frac{1}{2}$ and $\frac{2}{4}$ are the same number" but "'$\frac{1}{2}$' and '$\frac{2}{4}$' represent the same number".
However, this is just my intuitive reaction based on experience as a mathematician, and I've never actually tried to teach someone about fractions. I certainly wouldn't want to try to explain sense and reference to a third grader! So I'm curious about the consensus (or lack thereof) of people who do teach fractions and study people's understanding of them.