currency

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Canadian Pennies Are No More
 Canadian Pennies Are No More 
Feb 4, 2013 8:14 AM CST

Canadian Pennies Are No More

Mint stops distributing coins today

(Newser) - That's it for Canada's penny: Today is the last day the coin will be distributed after minting stopped in May as a cost-saving measure . Still, there are 6 billion pennies in circulation, so they could be around for a long time: "We estimate three to four years"...

Canadian Botanists: $20 Bill Has Wrong Leaf

They say Bank of Canada used a specimen from Norway

(Newser) - Canada has spiffy new $20 bills made of polymer instead of paper, but botanists are more focused on a design element: They say the Bank of Canada adorned the bill with a maple leaf from Norway instead of Canada, reports the CBC . "It's a species that's invasive...

Germany to Withdraw 300 Tons of Gold From US

Country's reserves stored mostly abroad

(Newser) - Germany boasts gold reserves worth $183 billion—but two-thirds of the stuff is kept outside the country. Now, the country's central bank is set to make a heck of a withdrawal, including some 300 tons currently in a vault under Manhattan, stored by the Federal Reserve Bank of New...

Guess Who Manipulates Currency More Than China
Guess Who Manipulates Currency More Than China
OPINION
Oct 22, 2012 1:53 PM CDT

Guess Who Manipulates Currency More Than China

Matthew Boesler points out that Israel won't draw flack from either campaign

(Newser) - Mitt Romney has loudly promised to label China a "currency manipulator" on his first day in office, but China's hardly alone in keeping its money cheap to goose exports. Another country has done so even more egregiously, and you won't hear either candidate criticize it: Israel, Matthew...

Romney, Ryan Smack Obama on China

Romney would label China currency manipulator 'on day one'

(Newser) - Both Mitt Romney and Paul Ryan had harsh words today for President Obama's handling of the US relationship with China, after the US Treasury announced that it would delay a regular foreign exchange report—which includes the possibility of naming China a currency manipulator—until after the election, NBC...

Iran's Currency in Free Fall; Ahmadinejad Blames US

He cites 'psychological pressures,' but his critics aren't buying it

(Newser) - People holding Iranian rials, including Iranians themselves, can't seem to get rid of them fast enough. The value of the currency has continued its drop , plummeting 40% against the dollar in the last week alone, reports the New York Times . Mahmoud Ahmadinejad blames "psychological pressures" brought on by...

Canada&#39;s New Money Melting
 Canada's New Money Melting 
IN CASE YOU MISSED IT
Jul 15, 2012 12:58 PM CDT

Canada's New Money Melting

'Indestructible' bills can't take the heat

(Newser) - The Canadian dollar is melting. No, it's not sinking in value again, it's physically melting. Canada switched to "indestructible" polymer $50 and $100 bills a few months ago, but it turns out that both are prone to melting and curling in intense heat "like bacon in...

Greece Dying to Sell $166M Luxury Resort

Astir Palace sale could help country stick with euro

(Newser) - In a desperate bid for cash, Greece is trying to sell off a famed seaside resort and meet requirements of its bailout package, Bloomberg reports. For sale is the 3.3-million-square-foot Astir Palace complex, which has housed guests such as Frank Sinatra and Jane Fonda since opening in 1960. Asking...

Malawi Slashes Currency By a Third

New President Joyce Banda moves to fall in line with IMF

(Newser) - The official rate of Malawi's currency has been cut by a third as the impoverished southern African nation seeks to repair ties with the International Monetary Fund, the country's central banker said today. The move is just one in a series of steps President Joyce Banda's government...

Canada Phasing Out Pennies
 Canada Phasing Out Pennies 
Mar 30, 2012 12:01 AM CDT

Canada Phasing Out Pennies

Coin has become a nuisance: government

(Newser) - The Canadian government has decided to save millions of dollars by pinching the penny out of existence. The Royal Canadian Mint—which makes 25 pennies per Canadian every year, at a cost of 1.5 cents per coin—will stop producing pennies next month, and the government will start withdrawing...

Collapse of Eurozone Begins in 2012: European Think Tank

 Euro Breakdown Starts Now 
think tank says
Jan 2, 2012 4:50 PM CST

Euro Breakdown Starts Now

CEBR gives Eurozone 99% failure rate over 10 years

(Newser) - Welcome to the year that the Eurozone begins its breakup and slides into certain doom—or so says one economic think tank in Europe. There is a 60% chance that "at least one country (and probably more) will leave" the euro in 2012, the head of the Centre for...

Japan, China Cut Currency Deal, Shun Dollar

Leaders also discuss North Korea

(Newser) - Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually...

Canada's New $100 Bill Made of Plastic

Polymer notes last longer, are harder to counterfeit

(Newser) - Starting this week, you can pay with plastic in Canada—without incurring any credit card debt. The Bank of Canada put a new $100 bill made out of polymer into circulation, the Globe and Mail reports, and banks stopped issuing the old paper notes Monday afternoon. Polymer $50 bills are...

Australia Mints One-Ton Coin
 Australia Mints One-Ton Coin 
Oct 27, 2011 2:36 PM CDT

Australia Mints One-Ton Coin

Face value is $1M, but it's worth more than 50 times that

(Newser) - Australia's Perth Mint has created the world’s biggest gold coin—more than a ton of 99.99% pure gold, the Sydney Morning Herald reports. The coin’s face value is $1 million Australian dollars—just over $1 million American—but it’s worth more like $57 million American....

China Threatens 'Trade War' Over Senate Bill

Bill would place tariff on countries that depress their currencies

(Newser) - A senior Chinese official warned today that the US is in for a “trade war” if it enacts a Senate bill that would punish China for artificially keeping its currency low. The bill “in no way represents the reality of the economic and trade relationship between China and...

China Sets Yuan Rate at New High

Central bank hopes worldwide risk-aversion won't hurt at home: expert

(Newser) - China has set the guiding rate for the yuan at its highest yet, despite investors worldwide pushing the currency downward, the Wall Street Journal reports. The move points to China’s central bank’s resolve not to let global economic concerns foil its long upward push for the yuan, a...

Tiny Island to Mint Star Wars Currency

Luke, Yoda will be on legal tender for first time

(Newser) - Move over, Queen Elizabeth: Luke Skywalker and friends will soon be sharing a spot on the currency of a tiny Pacific island. Yoda, Leia, and Darth Vader also will appear on the flip side of the soon-to-be-minted coins for the island of Niue. It’s the first time Star Wars...

US Dollar Value Near 3-Year Low
 Dollar Nears 3-Year Low 
Apr 29, 2011 4:45 AM CDT

Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

(Newser) - The dollar’s value today remained near its lowest in three years against multiple currencies, and it’s set for its largest weekly drop since January, Reuters reports. The figures follow the Federal Reserve’s suggestion that it had no immediate plans to tighten its monetary policy, prompting a big...

South Carolina to Get Its Own Currency?

State sen. wants study on the subject

(Newser) - South Carolina may soon have its own currency, if one state senator has his way. Republican Lee Bright introduced legislation that would back the creation of such a currency, because, “If folks lose faith in the dollar, we need to have some kind of backup,” he tells the...

Mighty China Has a Financial Mess Brewing
Mighty China Has a Financial Mess Brewing
Paul Krugman
Jan 21, 2011 12:41 PM CST

Mighty China Has a Financial Mess Brewing

Paul Krugman: Its leaders look lost dealing with it, like ours

(Newser) - China may be a burgeoning economic superpower, but it’s also embroiled in a monetary fiasco that could turn into a genuine crisis, warns Paul Krugman in the New York Times . The problem is China’s refusal to let its currency rise. The policy has obviously vexed the US, “...

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