Latest news with #UnitedStatesTreasury
Yahoo
5 days ago
- Business
- Yahoo
U.S. Treasury has put in its final order for pennies. Then what happens?
Say goodbye to your penny jar. The United States Treasury has put in its final order of pennies, and production is expected to end early next year. The demise stems from an order in early February by President Donald Trump. The result: No more penny-pinching, forget about getting a penny for your thoughts, and Ben Franklin's quote about a penny saved being a penny earned may confuse future generations. Here's what you should know. Although production will cease, the coins will still qualify as U.S. currency. Stores will still be able to accept them, and consumers should still be able to use them in cash transactions. Pennies cost about 3.7 cents apiece to produce, according to the 2024 U.S. Mint annual report. On his Truth Social website, Trump said the production is wasteful. Nickels are produced at even more of a loss. In 2024, they cost 13.8 cents to make, according to the U.S. Mint report. Dimes, quarters and half-dollars still cost less than face value to produce. The Department of Treasury has said removing the penny would save the government $56 million a year in material costs, according to multiple sources. Many businesses with cash transactions will likely round to the nearest nickel. James Sego, president of the Professional Numismatists Guild, a non-profit organization focusing on rare coins and paper money, told the Journal Sentinel that even after it stops being used in stores, a penny will still only be worth a penny. "They're probably not worth keeping in hopes that they may go up in value, because there's just too much supply out there," Sego said. Sego recommends that people with large amounts of pennies cash them in at a bank. "The reality is everybody has a giant jar of pennies at home. I don't know one person that doesn't. A big jar is worth $50 or maybe even $100," Sego said. First issued in 1793, the penny is one of the oldest coins produced by the U.S. Mint, which itself was established just a year earlier. The original coin was larger than the currrent one, and made of pure copper, according to the Mint. It featured a woman's head with flowing hair, signifying Lady Liberty. Multiple changes to the design have occurred through the decades. The head of Abraham Lincoln has been on one side since 1909; the "Union shield" has been on the other side since 2010. Canada ended its penny production in 2012 and Australia stopping minting one- and two-cent coins in 1992, according to Govmint website. New Zealand has stopped minting its one-cent, two-cent and five-cent coins, Govmint said. This article originally appeared on Milwaukee Journal Sentinel: Penny production to end early next year. What does that mean?
Yahoo
25-05-2025
- Business
- Yahoo
What could happen if US Treasury phases out pennies?
Is the United States Treasury killing off the penny? Here's everything you need to know about the fate of the 1-cent, Abraham Lincoln-adorned currency. Published reports indicate the United States Treasury will stop circulating freshly minted pennies, beginning in early 2026. A separate report noted the United States Mint is producing its final batch of pennies. When the penny is eventually phased out completely, it will potentially lead to businesses and consumers not having enough pennies to make transactions involving cash. "Cash transactions will now be rounded to the nearest nickel, sparking debate over its impact on pricing and consumer spending," read NewsRadio's report. "While some economists argue that eliminating the penny will streamline transactions, others worry about pricing adjustments and the potential for inflationary effects." The Treasury Department assured consumers that existing pennies will remain legal tender, but banks, businesses and retail establishments are expected to begin phasing out the currency. Along with the U.S. Mint in Philadelphia, federal mints in Denver and San Fransisco have up until now minted pennies. The Philadelphia Mint is the nation's first. Aside from formerly minting pennies, the Philadelphia Mint also mints circulating coins, numismatic products, including annual uncirculated coin sets, commemorative coins as authorized by Congress and federal medals. Damon C. Williams is a Philadelphia-based journalist reporting on trending topics across the Mid-Atlantic Region. This article originally appeared on Delaware News Journal: What could happen if US Treasury phases out pennies?
Yahoo
21-05-2025
- Business
- Yahoo
German finance minister and US treasury secretary Bessent met bilaterally, source says
By Christian Kraemer BANFF, Canada (Reuters) -German Finance Minister Lars Klingbeil met United States Treasury Secretary Scott Bessent on Wednesday for a bilateral conversation on the sidelines of the G7 finance ministers' consultations in Canada, a German source in G7 circles told Reuters. Both agreed to meet again in Washington, with Bessent inviting Klingbeil. The conversation was a private, open, and constructive exchange and lasted longer than planned, the source told Reuters. Klingbeil emphasized the importance of close transatlantic relations, especially in light of current geopolitical and economic challenges, the German source said. Ongoing trade disputes with the U.S. should be resolved as quickly as possible for the benefit of all, Klingbeil said on Tuesday, ahead of meeting his counterparts from other Group of Seven countries. In his conversation with his U.S. counterpart, Klingbeil also emphasized that the G7 must remain steadfastly on the side of Ukraine.
Yahoo
21-05-2025
- Business
- Yahoo
Mnuchin Flags US Budget Deficit as Bigger Worry Than Trade Gap
(Bloomberg) -- Former United States Treasury Secretary Steven Mnuchin said he's more alarmed by the country's growing budget deficit than its trade imbalances, and urged Washington to prioritize fiscal repair. Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt NJ Transit Makes Deal With Engineers, Ending Three-Day Strike 'I'm very concerned,' he said during a panel discussion at the Qatar Economic Forum on Wednesday. 'The budget deficit is a larger concern to me than the trade deficit. So I'm on the side of, I hope we do get more spending cuts — something that's very important.' Mnuchin, who now runs private equity firm Liberty Strategic Capital, ran the Treasury during Donald Trump's first term in office. He spoke in a week of intensified focus on US fiscal matters following a debate throughout the night by House lawmakers on the president's plan for tax cuts, just days after the country lost its last remaining top credit score. While Mnuchin acknowledged fallout on the market for US Treasuries from the downgrade decision by Moody's Ratings, he insisted that America remains the most secure sovereign borrower globally. What the US Losing Its Last AAA Credit Rating Means: QuickTake 'I still see us as a AAA credit, regardless of what the rating agencies say,' he said. 'I'd still rather buy US government securities than any other so-called AAA out there.' Mnuchin said the Fed's current pause on interest-rate changes, combined with the scale of deficits Washington must finance, will likely keep upward pressure on yields. On the legislative front, Mnuchin said he expects progress on the tax bill by early summer despite 'some issues that still need to be resolved.' The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Inside the First Stargate AI Data Center Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp ©2025 Bloomberg L.P.
Yahoo
21-05-2025
- Business
- Yahoo
Mnuchin Flags US Budget Deficit as Bigger Worry Than Trade Gap
(Bloomberg) -- Former United States Treasury Secretary Steven Mnuchin said he's more alarmed by the country's growing budget deficit than its trade imbalances, and urged Washington to prioritize fiscal repair. Can Frank Gehry's 'Grand LA' Make Downtown Feel Like a Neighborhood? Chicago's O'Hare Airport Seeks Up to $4.3 Billion of Muni Debt NJ Transit Makes Deal With Engineers, Ending Three-Day Strike 'I'm very concerned,' he said during a panel discussion at the Qatar Economic Forum on Wednesday. 'The budget deficit is a larger concern to me than the trade deficit. So I'm on the side of, I hope we do get more spending cuts — something that's very important.' Mnuchin, who now runs private equity firm Liberty Strategic Capital, ran the Treasury during Donald Trump's first term in office. He spoke in a week of intensified focus on US fiscal matters following a debate throughout the night by House lawmakers on the president's plan for tax cuts, just days after the country lost its last remaining top credit score. While Mnuchin acknowledged fallout on the market for US Treasuries from the downgrade decision by Moody's Ratings, he insisted that America remains the most secure sovereign borrower globally. What the US Losing Its Last AAA Credit Rating Means: QuickTake 'I still see us as a AAA credit, regardless of what the rating agencies say,' he said. 'I'd still rather buy US government securities than any other so-called AAA out there.' Mnuchin said the Fed's current pause on interest-rate changes, combined with the scale of deficits Washington must finance, will likely keep upward pressure on yields. On the legislative front, Mnuchin said he expects progress on the tax bill by early summer despite 'some issues that still need to be resolved.' The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg Why Apple Still Hasn't Cracked AI Anthropic Is Trying to Win the AI Race Without Losing Its Soul Inside the First Stargate AI Data Center Microsoft's CEO on How AI Will Remake Every Company, Including His Cartoon Network's Last Gasp ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
