logo
#

Latest news with #CoinageAct

Today in History: John Paul II dies
Today in History: John Paul II dies

Chicago Tribune

time02-04-2025

  • Entertainment
  • Chicago Tribune

Today in History: John Paul II dies

Today is Wednesday, April 2, the 92nd day of 2025. There are 273 days left in the year. Today in history: On April 2, 2005, John Paul II, the Polish pope born Karol Józef Wojtyła, died in his Vatican apartment at age 84. The first non-Italian pope in over 450 years, John Paul II became one of the most influential leaders of the late 20th and early 21st centuries while playing a crucial role in the fall of communism in Europe. Vintage Chicago Tribune: Pope John Paul II's visit — 45 years ago Also on this date: In 1792, Congress passed the Coinage Act, which authorized establishment of the U.S. Mint. In 1865, Confederate President Jefferson Davis and most of his Cabinet fled the Confederate capital of Richmond, Virginia, after Union troops broke through Confederate lines in the Third Battle of Petersburg. In 1917, President Woodrow Wilson asked Congress to declare war against Germany, saying, 'The world must be made safe for democracy.' (Congress declared war four days later.) In 1982, Argentine troops seized the disputed Falkland Islands from the United Kingdom, sparking the Falklands War. In 1992, mob boss John Gotti was convicted in New York of murder and racketeering; he was later sentenced to life in prison without parole. (Gotti died in prison in 2002.) In 2007, in its first case on climate change, the U.S. Supreme Court, in Massachusetts v. Environmental Protection Agency, ruled 5-4 that carbon dioxide and other greenhouse gases were air pollutants under the Clean Air Act. In 2012, a gunman killed seven people at Oikos University, a Christian school in Oakland, California. (The gunman, One Goh, died in 2019 while serving a life prison sentence.) In 2020, the number of confirmed coronavirus cases worldwide surpassed 1 million, according to a tally by Johns Hopkins University. Today's Birthdays: Disc jockey Dr. Demento is 84. Actor Linda Hunt is 80. Musician Emmylou Harris is 78. Actor Christopher Meloni is 64. Tennis Hall of Famer Todd Woodbridge is 54. Actor Pedro Pascal is 50. Actor Adam Rodriguez is 50. Actor Michael Fassbender is 48. Country musician Chris Janson is 39. Actor Jesse Plemons is 37. Rapper Quavo is 34. Country musician Zach Bryan is 29.

Letters: Illinois should follow President Donald Trump's example and cut the waste
Letters: Illinois should follow President Donald Trump's example and cut the waste

Chicago Tribune

time13-02-2025

  • Business
  • Chicago Tribune

Letters: Illinois should follow President Donald Trump's example and cut the waste

The Land of Lincoln should get on board the Trump train. President Donald Trump has asked the Treasury secretary to stop production of the penny because it is costing us more than 3 cents per penny. President Abraham Lincoln was a frugal man and would agree with saving precious tax dollars. On Wednesday, we celebrated Lincoln's birthday. Our state should follow Trump's example and get our fiscal house in order. Let's cut the waste, eliminate the fraud and cancel the pet projects. Should we call Elon Musk and see if he's available? — Elise McSwine, Plainfield Treated like pocket change The president announces the end of the penny on social media. But think of the numismatists! In all earnest, though, here's yet another case of the president overriding a federal act, indeed one passed into law by the Founding Fathers: the Coinage Act of April 2, 1792. This push is the opposite of Article II, Section 3 of the Constitution, which provides that the president 'shall take Care that the Laws be faithfully executed.' This may be less consequential than, say, the elimination of two federal agencies (with more certain to come), but no less telling of the contempt in which this administration holds our constitutional democracy, as little more than pocket change. — Paul W. Mollica, Chicago Rounding sums in Canada The Tribune Editorial Board's well-reasoned editorial in favor of phasing out the 1-cent coin stops short of explaining the Canadian system ('Trump and Musk have pennies in their sights. On that we can agree,' Feb. 11). Although cash transactions are rounded to the nearest 5-cent sum, noncash transactions are not. They are charged at the exact amount, so the editorial's hypothetical $3.11 soda, paid for by debit or credit card, would cost a customer exactly $3.11. — David Passman, Skokie Destroying greatness I, at 95 years of age, was able to get to the polls and vote for the president of the United States on Nov. 5. I voted for the president. I did not vote for a change in the government or the Constitution, nor anarchy. I was under the illusion that the president would govern and do what's best for the people, of which I am one. Presidents have come in all sizes, shapes and ages, but never in all my years have I seen one quite like this one. We, as a nation, have been subject to the utterings so widespread in the imagination of ridiculousness. This man, if he cared for the welfare of the people, could have been a good president, but he has appointed himself as master creator of 'America Great Again' by destroying it. I have lived through America when it was great. Our country was never perfect, of course; however, it was among the best in the history of the world. We citizens respected our country and were proud of the progress that it made. Unfortunately, these days, only those who represent us as citizens can alter the present circumstances that we are now facing; only they can be the heroes now and in the future. — Mary Lou Winkler, Miami, Florida We must take action As we the people watch the actions of a 'band of brothers' capturing the U.S. government, there seems to be a general sense that nothing can stop the insanity. We are watching our country being destroyed, not by bombs and rockets but from the inside by oligarchs and their minions taking over the technology and data that support and protect the people. If invaders were destroying the factories and farms that provide food, goods and services to everyone, we would be arming ourselves to repel the attacks, Since many of us don't understand that these computer programs, data and other technology support everyone, we sit watching the capture and dismantling and feel helpless to do anything about it. Our government was originally an experiment, which has worked reasonably well for 250 years. Now it is being challenged by an ignorant bully, who claims to have great wealth and would like to be king of the world. He was elected to be president by less than 50% of voters after a campaign during which he told enormous lies and made statements of exactly how he wanted to consolidate power. His main tool is a very clever, very rich individual who was not elected by anyone and who is taking control of huge government departments by capturing the computer systems that distribute our money throughout the country and the world. If we sit and wait for the results of this internal coup, it will be very difficult for us to regain our freedom and independence. We must take action now, to stop the takeover of our country and our lives by Donald Trump and Elon Musk. — Stephen Nelson, Glen Ellyn Will democracy survive? The U.S. Constitution is the bedrock of our democracy and our freedom. It sets up a system of limited government by dividing power among the president, Congress, the courts and the people, so that nobody can have unlimited power. Our new president has been taking unprecedented steps to exceed the limits of his powers by trying to single-handedly change the Constitution and abolish agencies and programs created by Congress simply because he doesn't like them. He is ignoring the limits of presidential power granted by the Constitution. If he is allowed to succeed, he will change our system of government, which could lead to a dictatorship. Those who don't believe this are either in denial or are not paying attention. Our democracy is fragile. It's held together by the rule of law — a system of government that prevents the arbitrary use of power. But if that respect is lost, and the rule of law fails, then whoever has the most power will prevail. Congress, the courts and the people don't have a military or a large police force under their command; the president does. I think a lot of people think our culture is changing too fast, and they like the idea of a strongman who will take control of the situation and make things right. But be careful what you wish for, because you might get it. In political terms, 'strongman' is interchangeable with 'dictator,' as in Fidel Castro and Vladimir Putin. If the president decides to take control because no one stops him, then democracy is lost, and so is freedom. And we are left with a dictatorship. I don't think I'm an alarmist, but I am very concerned that we might not have a democracy in four years. Could it really happen here? The real question is: What's to stop it? — Jim Skaar, St. Charles Send Blagojevich overseas I actually hope President Donald Trump does appoint former Gov. Rod Blagojevich to be ambassador to Serbia. I'd rather have him in Belgrade than Chicago.

Making change: Trump tells US Treasury to stop making pennies. What if we drop the penny?
Making change: Trump tells US Treasury to stop making pennies. What if we drop the penny?

USA Today

time10-02-2025

  • Business
  • USA Today

Making change: Trump tells US Treasury to stop making pennies. What if we drop the penny?

Making change: Trump tells US Treasury to stop making pennies. What if we drop the penny? Show Caption Hide Caption President Trump pauses penny production The penny may soon be obsolete because President Trump told the treasury department to stop making them. Fox - 5 NY No more pennies from heaven? Whether you're pinching pennies or penny smart and pound foolish, the U.S. is considering a penny drop. President Donald Trump wants the U.S. to stop making the coins. On Sunday, he posted on Truth Social that he's instructed the Secretary of the U.S. Department of the Treasury to stop minting the country's smallest circulating denomination, noting they cost more to create than they're worth. "Let's rip the waste out of our great nations budget, even if it's a penny at a time," Trump said. Can the president make that decision without the OK from Congress? What happens to making exact change? When, or if, the U.S. could stop making pennies is unclear. But some other countries have already made a similar move. Here's what we know so far. How much do pennies cost to make? A 2024 report from the U.S. Mint said it costs about 3.69 cents to make a penny. It said the cost to make pennies and nickels have been more than face value for the past 19 years. In an X post, the Department of Government Efficiency (DOGE) led by Elon Musk, said making 4.5 billion pennies in fiscal year 2023 cost the country about $179 million. Why are pennies so expensive? Until 1982, pennies were mostly made of copper. Now, they're made of copper-plated zinc. Metal prices have largely affected the cost to mint the coins. Can Trump get rid of them? According to the U.S. Mint, Congress is the body that approves every coin it produces. The Coinage Act of April 2, 1792 established the Mint and the regulation of coins in the United States. There was a relatively recent attempt to fix the issue. A bill introduced by U.S. Sen. Margaret Wood, D-New Hampshire, would have changed the metals used to create coins to cut costs. The Coin Metal Modification Authorization and Cost Savings Act of 2023 had bipartisan support but died in the Senate Committee on Banking, Housing, and Urban Affairs. Have other countries gotten rid of their smallest coins? Yes. At least three other countries have gotten rid of their smallest coin denominations: Canada, New Zealand and Australia. How will we make change if we get rid of pennies? Most countries start rounding to the nearest five-cents to make change. More: USPS reverses plan to hold packages from China. See why Trump tariffs still affect the mail What pennies are worth the most money now? An uncirculated 1914 Lincoln penny minted in Denver could fetch up to $1,500, according to JM Bullion. The site shows an uncirculated 1856 Flying Eagle could fetch $14,500. An uncirculated 1877 Indian Head Penny could get you up to $3,000. Large cent coins, created from 1793 to 1857, have the potential to fetch, well, a pretty penny. An uncirculated 1799 Draped Bust could get up to $210,000. Do you know where US coins are minted? The U.S. Treasury has six sites around the country, and not all of them mint money. Washington, D.C.: This site serves as headquarters for the U.S. Mint and does not make coins. It handles business, like research and marketing, for the mint system. Fort Knox, Kentucky: The nation's gold bullion depository is here, and coins are not made on site. Denver, Colorado: Makes the coins that circulate in the economy and collectibles. Philadelphia, Pennsylvania: The largest mint in the world makes coins to collect and to circulate. It also makes medals and the dies for coins and medals. San Francisco, California: This site makes collectible coins. West Point, New York: This site stores precious metals, including gold and silver. It makes collectible coins and bullion coins for investment. Do you know what a letter on a coin or medal means? That's a mint mark. it shows where the coin was made. A D or S stamped on a coin shows whether it was minted in Denver or San Francisco. A P goes on coins made in Philadelphia, except for pennies. Those coins got a P for the first time in 2017 to honor the 225th anniversary of the Mint. W for West Point appeared on a circulating coin for the first time in 2019, when the facility made 10 million quarters for the America the Beautiful program. Which mints make pennies? Now, per the U.S. Mint, most pennies are made in Philadelphia or Denver, though the San Francisco and West Point mints make some for collectors. Do you have any of these coins? These rare dimes are worth over $ how to check Did the US have a coin smaller than the penny? Yes! Half-cent coins were made between 1793 and 1857. Some variations are rare, potentially worth thousands of dollars now, depending on quality and circulation status. JM Bullion, an online precious metals retailer, lists an uncirculated 1796 right-facing Liberty cap coin as potentially worth $100,000. Could nickels be on the chopping block soon? Nickels aren't part of the discussion right now, but according to a 2024 U.S. Mint report, it costs about 13.78 cents to mint each 5-cent coin. Contributing: Minnah Arshad and Fernando Cervantes Jr. Bonnie Bolden is the Deep South Connect reporter for Mississippi with Gannett/USA Today. Email her at bbolden@

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store