Latest news with #U.S.TreasuryDepartment
Yahoo
a day ago
- Business
- Yahoo
Pennies to go away soon. Will Texas businesses still accept them? What to do with yours
Need a penny for your thoughts? You might want to start charging more. The U.S. government announced that it will soon halt production of the one-cent coin, citing ballooning manufacturing costs, as each penny now costs nearly four times its face value to produce. After 233 years of production, the U.S. Treasury Department announced that the production of the penny will come to an end, and the only ones available will be pennies currently in circulation. As pennies are phased out, prices will start to change, with items being rounded up to the nearest nickel, meaning everything can be essentially 1 to 4 cents more expensive. President Donald Trump announced that the production of the penny will end as a cost-saving measure for the national budget. As the penny is phased out, the nickel will become the smallest denomination used in cash transactions. While nickels are also produced at a loss — costing about 13.8 cents to make a coin worth only 5 cents — the penny is even more inefficient by percentage, costing 3.7 cents to produce a coin worth just 1 cent. That means each penny costs 370% of its face value, compared to 276% for each nickel. And because the U.S. Mint produces roughly four times more pennies than nickels each year, the total budget impact of penny production is significantly higher — making it the more logical first step for elimination. However, with the penny gone, the expected increase in nickel production could offset some of those savings by driving up overall coin manufacturing costs. In the 2024 fiscal year, around 3.2 billion pennies were manufactured The last order for pennies has already been taken by U.S. mints, and the Treasury told multiple news outlets that pennies will stop being put into circulation early in 2026, according to the Wall Street Journal, CNN, MSN, and Business Insider. Think that old penny you have in the drawer might be worth something? Well, some are, but most aren't worth more than their face value. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. "Only a few Lincoln cents dated 1909 to 1958 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more." If you find a 1943 copper Lincoln wheat penny, you might have something. These copper 1-cent pieces were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, said John Feigenbaum, publisher of rare coin price guide Greysheet. The penny is worth some money, but only a few have gone for $1 million. A quick Google search can give you an idea of whether the coin you have is rare and if it could be worth anything. But if you have questions, you can also reach out to the American Numismatic Association. The nonprofit educational organization is dedicated to educating and encouraging people to study and collect coins and other items related to it. Beyond doing your own research, the easiest way to see if your coin is worth anything is to get it appraised. You can find a list of recommended coin appraisers from the American Numismatic Association at Even after production stops, pennies will remain legal tender in the U.S. That means businesses can accept them for payment, and most will, especially as long as people still have them in circulation (which could be years). If the total amount you're paying is correct, and you use pennies to make up that cost, most businesses will take it, just like they would with any valid coin or bill. For instance, if you're charged $10.05, and use five pennies, it's likely most businesses will accept. However, businesses are not required to accept any specific form of payment under federal law, including coins. Any business can opt for cashless-only payments, or even state, "we don't take pennies anymore." Just because the U.S. is halting penny production doesn't mean your jar of copper coins is worthless. Pennies will remain legal tender, so you've got several options for putting them to good use: Cash them in: Most banks will accept rolled pennies, and coin-counting machines at grocery stores (like Coinstar) offer cash, gift cards, or donation options. Just keep in mind: some charge a fee for cash payouts. Spend them: Pennies are still valid for transactions, so if you've got exact change, go ahead and use them, especially while they're still in circulation. Donate them: Local charities, schools, and community causes often accept spare change. A handful of pennies may not seem like much, but together, they can add up. Hold on to a few: With production ending, today's common penny might become tomorrow's nostalgic keepsake — or even a collector's item. This article originally appeared on Austin American-Statesman: US ending penny production. What to do with your leftover pennies
2 days ago
- Business
A wealthy businessman challenging Guyana's president in an upcoming election faces new allegations
GEORGETOWN, Guyana -- A wealthy businessman in Guyana who was sanctioned last year by the U.S. and who plans to challenge the South American country's president in upcoming elections is facing new accusations. Azruddin Mohamed appeared in court on Thursday after being charged with false tax declaration and under-invoicing a luxury vehicle. He pleaded not guilty. His appearance comes just days after he announced plans to challenge the ruling People's Progressive Party by creating a new party with dozens of candidates as the oil-rich country prepares for a general election on Sept. 1. Mohamed, a member of one of Guyana's wealthiest families, used to be a well-known donor to the ruling party. But in recent months, he clashed with tax officials over an invoice he submitted a couple years ago indicating that he paid $75,000 for a Lamborghini, when the government stated it was valued at $575,000. He was freed Thursday on a $2,500 bond and is scheduled to appear in court next month for trial. If found guilty, he could face up to three years in prison. Mohamed, who has been traveling across Guyana to donate cash, vehicles and new homes ahead of the Sept. 1 election, claims he is being targeted for challenging the ruling party. He has alleged that President Irfaan Ali, once a close ally, allowed his vehicle to be cleared from customs with the valuation he submitted. Ali has not publicly responded to those accusations. Meanwhile, Attorney General Anil Nandlall has denied that Mohamed is being targeted and has said that the U.S. supplied the receipt and other information regarding the vehicle. Last year, the U.S. Treasury Department sanctioned Mohamed, his father, their gold-exporting company and a government official 'for their roles in public corruption" in a bribery scheme that authorities said ran from 2019 to 2023. U.S. officials accused the Mohameds of evading $50 million worth of duty taxes on gold exports and under declaring exports involving more than 22,000 pounds (10,000 kilograms) worth of gold. Their company also was accused of bribing customs officials to falsify and export documents.
Yahoo
2 days ago
- Business
- Yahoo
A wealthy businessman challenging Guyana's president in an upcoming election faces new allegations
GEORGETOWN, Guyana (AP) — A wealthy businessman in Guyana who was sanctioned last year by the U.S. and who plans to challenge the South American country's president in upcoming elections is facing new accusations. Azruddin Mohamed appeared in court on Thursday after being charged with false tax declaration and under-invoicing a luxury vehicle. He pleaded not guilty. His appearance comes just days after he announced plans to challenge the ruling People's Progressive Party by creating a new party with dozens of candidates as the oil-rich country prepares for a general election on Sept. 1. Mohamed, a member of one of Guyana's wealthiest families, used to be a well-known donor to the ruling party. But in recent months, he clashed with tax officials over an invoice he submitted a couple years ago indicating that he paid $75,000 for a Lamborghini, when the government stated it was valued at $575,000. He was freed Thursday on a $2,500 bond and is scheduled to appear in court next month for trial. If found guilty, he could face up to three years in prison. Mohamed, who has been traveling across Guyana to donate cash, vehicles and new homes ahead of the Sept. 1 election, claims he is being targeted for challenging the ruling party. He has alleged that President Irfaan Ali, once a close ally, allowed his vehicle to be cleared from customs with the valuation he submitted. Ali has not publicly responded to those accusations. Meanwhile, Attorney General Anil Nandlall has denied that Mohamed is being targeted and has said that the U.S. supplied the receipt and other information regarding the vehicle. Last year, the U.S. Treasury Department sanctioned Mohamed, his father, their gold-exporting company and a government official 'for their roles in public corruption" in a bribery scheme that authorities said ran from 2019 to 2023. U.S. officials accused the Mohameds of evading $50 million worth of duty taxes on gold exports and under declaring exports involving more than 22,000 pounds (10,000 kilograms) worth of gold. Their company also was accused of bribing customs officials to falsify and export documents.
Winnipeg Free Press
2 days ago
- Business
- Winnipeg Free Press
A wealthy businessman challenging Guyana's president in an upcoming election faces new allegations
GEORGETOWN, Guyana (AP) — A wealthy businessman in Guyana who was sanctioned last year by the U.S. and who plans to challenge the South American country's president in upcoming elections is facing new accusations. Azruddin Mohamed appeared in court on Thursday after being charged with false tax declaration and under-invoicing a luxury vehicle. He pleaded not guilty. His appearance comes just days after he announced plans to challenge the ruling People's Progressive Party by creating a new party with dozens of candidates as the oil-rich country prepares for a general election on Sept. 1. Mohamed, a member of one of Guyana's wealthiest families, used to be a well-known donor to the ruling party. But in recent months, he clashed with tax officials over an invoice he submitted a couple years ago indicating that he paid $75,000 for a Lamborghini, when the government stated it was valued at $575,000. He was freed Thursday on a $2,500 bond and is scheduled to appear in court next month for trial. If found guilty, he could face up to three years in prison. Mohamed, who has been traveling across Guyana to donate cash, vehicles and new homes ahead of the Sept. 1 election, claims he is being targeted for challenging the ruling party. He has alleged that President Irfaan Ali, once a close ally, allowed his vehicle to be cleared from customs with the valuation he submitted. Ali has not publicly responded to those accusations. Meanwhile, Attorney General Anil Nandlall has denied that Mohamed is being targeted and has said that the U.S. supplied the receipt and other information regarding the vehicle. Last year, the U.S. Treasury Department sanctioned Mohamed, his father, their gold-exporting company and a government official 'for their roles in public corruption' in a bribery scheme that authorities said ran from 2019 to 2023. U.S. officials accused the Mohameds of evading $50 million worth of duty taxes on gold exports and under declaring exports involving more than 22,000 pounds (10,000 kilograms) worth of gold. Their company also was accused of bribing customs officials to falsify and export documents.
UPI
2 days ago
- Business
- UPI
U.S. sanctions Philippines computer company for mass crypto scam
The U.S. Treasury Department Thursday sanctioned Funnull Technology, a Philippines-based computer infrastructure company,for allegedly providing services for sites involved in cryptocurrency scams. Administrator Liu Lizhi was also sanctioned. File Photo by Roger L/ Wollenberg/ UPI | License Photo May 29 (UPI) -- The U.S. Treasury Department Thursday sanctioned a Philippines-based computer infrastructure company and its administrator for allegedly providing services for sites involved in cryptocurrency scams. Treasury said Funnull Technology and administrator Liu Lizhi provides infrastructure for hundreds of thousands websites allegedly involved in the scams known as "pig butchering." "Today's action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings," Deputy Treasury Secretary Michael Faulkender said in a statement. The sanctions were imposed in close cooperation with the FBI. The Treasury described the "pig butchering" scams as Southeast Asian organized crime using victims of labor trafficking to scam millions of unsuspecting people worldwide. "The scammers leverage fictitious identities, the guise of potential relationships, and elaborate storylines to deceive victims into believing they are in trusted relationships. The scammers then steal victims' assets by convincing them to invest in virtual currency through a fake website designed to look like a legitimate investment platform that reflects significant, but fabricated, returns on the investment," the Treasury said. When victims stop paying more into the scam, the Treasury said the scammer "will abruptly cease communication, taking the victim's entire investment with them." Funnull's role, according to the Treasury, is to buy IP addresses in bulk from major cloud services companies and then sell them to cybercriminals to host the scam web platforms. Treasury said Funnell is linked to the majority of virtual currency investment scam websites reported to the FBI. U.S. victims, Treasury said, have lost over $200 million with an average loss per person of $150,000. The Treasury alleged that in 2024 Funnell bought a repository of code used by web developers and "maliciously altered the code to redirect visitors of legitimate websites to scam websites and online gambling sites, some of which are linked to Chinese criminal money laundering operations." According to Treasury the Lizhi, a Chinese national, is an administrator of Funnell involved in tasks allegedly including "assigning domain names to cybercriminals, including domains associated with virtual currency investment fraud, phishing scams, and online gambling sites."
