Latest news with #currency
CBS News
12 minutes ago
- Business
- CBS News
Faith Salie offers her two cents on the end of the penny
Faith Salie offers her two cents on the end of the penny Faith Salie offers her two cents on the end of the penny Faith Salie offers her two cents on the end of the penny What is worthless, but priceless? Overlooked, but treasured? Ubiquitous, but ephemeral? What makes us stop in the street to transcend our pride and stoop to pick it up? It's the humble, shiny, tiny penny. The Treasury announced it will cease making new pennies by early next year. Will they disappear immediately? No. But like so many things in our lives – reliably snowy winters, face-to-face conversations, books whose pages we can turn – pennies are fading away. Before you shrug me off as a sentimental fool old enough to remember visiting the penny candy store on Cape Cod, I do understand that pennies are "outdated" and "inefficient." The government spends about 3.7 cents to make 1 penny. That's a loss of $85 million last year alone. And around half of us don't even carry cash anymore. I don't think the Tooth Fairy believes in pennies nowadays. So, canceling them makes "cents." But in a world where it seems like everyone's looking down, a penny can remind us things might be looking up ... you know, pennies from heaven? You know who was on the first penny in 1792? A woman! It was deemed un-American back then to depict a ruler on a coin, so pennies featured Lady Liberty. A 1793 "flowing hair" penny with Lady Liberty. U.S. Mint It wasn't until 1909 that President Lincoln's face graced the coin. His iconic profile was designed by a Lithuanian-born Jewish immigrant, Victor David Brenner, who created what's thought to be the most reproduced piece of art in history. 1943 pennies were made of zinc-coated steel, because copper was needed for World War II. Should we just throw that history away? Well, yes! As long as we imbue each toss with our wishes. "A penny for your thoughts" was coined nearly 500 years ago by Sir Thomas More, back when offering someone a penny meant their musings were really worth something. These are just my two cents, but ... nobody throws a bitcoin into a fountain. Call me a numismatic nostalgic, but in a world full of crypto and virtuality, I'll keep my eyes peeled for the tarnished, tangible, inefficient promise of luck. For more info: Story produced by Liza Monasebian. Editor: Ed Givnish. See also:
Bloomberg
2 hours ago
- Business
- Bloomberg
Taiwan Central Bank Warns Exporters Against Currency Speculation
Taiwan's Central Bank strengthened its warning to local trading companies over their currency purchases as it seeks once again to tamp down speculation on foreign exchange markets and maintain the stability of the Taiwan dollar. Importers and exporters should only buy or sell the US dollar in a timely fashion based on their actual needs and not to listen to exaggerated or false market predictions, the central bank said in a statement Sunday. The bank also urged analysts and the media not to comment on the local currency market in a speculative manner, or to make exchange-rate forecasts based on feelings.
Bloomberg
19 hours ago
- Business
- Bloomberg
Odd Lots: How Do We Define a Currency?
What is a currency? This turns out to be one of those questions we just kind of skip over because we don't have clear answers to it (and because economists often like to skip over these foundational things). This special episode of the Odd Lots podcast was recorded as part of Princeton University's 'How to Write the Biography of a Currency' event, hosted by the Princeton Economic History Workshop and the Julis-Rabinowitz Center for Public Policy & Finance. In this discussion, we talk about how we should define a currency and how that definition has changed (or not) over time. Our panelists were Iñaki Aldasoro, an economist at the Bank for International Settlements, Indiana University Bloomington Professor Rebecca Spang, and Stefan Ingves, the former head of the Sveriges Riksbank, the central bank of Sweden, from 2006 to 2022.
Bloomberg
a day ago
- Business
- Bloomberg
How Do We Define a Currency?
Listen to Odd Lots on Apple Podcasts Listen to Odd Lots on Spotify Subscribe to the newsletter What is a currency? This turns out to be one of those questions we just kind of skip over because we don't have clear answers to it (and because economists often like to skip over these foundational things). This special episode of the Odd Lots podcast was recorded as part of Princeton University's 'How to Write the Biography of a Currency' event, hosted by the Princeton Economic History Workshop and the Julis-Rabinowitz Center for Public Policy & Finance. In this discussion, we talk about how we should define a currency and how that definition has changed (or not) over time. Our panelists were Iñaki Aldasoro, an economist at the Bank for International Settlements, Indiana University Bloomington Professor Rebecca Spang, and Stefan Ingves, the former head of the Sveriges Riksbank, the central bank of Sweden, from 2006 to 2022.
Geek Culture
2 days ago
- Business
- Geek Culture
App of the Month: Splid (May 2025)
Good company makes for a good time, but it can also mean more work when it comes to calculating the bill. While some may find comfort in doing the math, others are often put off by the tedium of it all, especially with additional factors like multiple payees and uneven splits complicating matters. Taking the stress out of handling transactions is Splid, aptly conveyed through its tagline of 'Split bills, not friendships'. Designed to help users stay on top of their shared expenses and settle up in a fuss-free way, it touts a nifty slate of features, starting with a clean, straightforward interface that shows them who owes how much to whom after all the expenses are keyed in. There's no need for an Internet connection or account to reap the benefits, either. The app supports offline use and doesn't require sign-up to work, but going online will sync the group's spending. In more intricate cases where, say, not everyone orders the same serving or portion of food, the bill can be adjusted without being subjected to mental gymnastics. With over 150 currencies registered and the ability to automatically convert amounts into just one currency, Splid keeps up the convenience for travelling, allowing users to easily track their overseas spending and split costs while abroad. Those who want to download summaries as PDF or Excel files have to fork out a small sum of US$4.99, but otherwise, the app is available on the Google Play Store and Apple App Store for free. Si Jia is a casual geek at heart – or as casual as someone with Sephiroth's theme on her Spotify playlist can get. A fan of movies, games, and Japanese culture, Si Jia's greatest weakness is the Steam Summer Sale. Or any Steam sale, really. Android App of the Month iOS Splid
