Posts Tagged joe biden
Mint to Stop Making One-Dollar Presidential Coins
Posted by admin in Uncategorized on January 24, 2012
The U.S. Mint has decided to save money by not making money. oh, don’t worry, our beloved, if hard to come by lately, “dead president” paper bills will keep rolling off the mint’s printing presses, but production of commemorative presidential $1 coins for general circulation will end.
According to Treasury Secretary Timothy F. Geithner, halting production of the $1 presidential coins will save about $50 million annually. and besides, like Vice President Joe Biden said in a press release, “nobody wants to use them.”
The Presidential Coin Act of 2005 requires the Mint to issue $1 coins bearing the likeness of each deceased U.S. president at an annual rate of 70-80 million coins per president. Today, however, more than 1.4 billion or 40% of all the $1 coins ever issued have been returned, and are just gathering dust in Federal Reserve banks. according to VP Biden, the unused excess will meet the demand for $1 coins for more than a decade. considering the historic lack of popularity for dollar coins, probably a lot longer than that, Mr. Vice President.
Also see: Mint Stops Striking Golden Dollar Coins
The Mint will continue to produce — at no cost to taxpayers — a relatively small number of the $1 presidential coins for sale to collectors. Demand for $1 coins to be used in general circulation will be met through the Federal Reserve Banks’ existing inventory of more than 1.4 billion coins, which will be drawn down over time.
“At the Treasury Department, we’re continuing to work hard in support of President Obama and Vice President Biden’s efforts to cut waste and streamline government,” said Treasury Secretary Tim Geithner in a press statement. “Putting a stop to the minting of surplus $1 coins represents a significant opportunity to reduce costs and improve efficiency.”
Also see: Yet Another Dollar Coin? Mint Survey: most Americans Can’t name Founding Fathers
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Photo: Possibly First U.S. One Dollar Coin – Getty Images
Mint to Stop Making One-Dollar Presidential Coins
Obama Tosses Reagan Coin At Army-Navy Football Game
Posted by admin in Uncategorized on December 13, 2011
LANDOVER, Md. – President Barack Obama was on hand to make the coin toss at the Army-Navy football game in Maryland on Saturday and provide some color in the broadcasters’ booth, where he praised the “incredible young people” on the field.
After a close game, the Navy Midshipmen bested the Army Black Knights with a final score of 27-21. The game marked Navy’s tenth victory in a row against its arch rival.
Obama opened the match-up, striding to the center of FedEx Field for the coin toss accompanied by Vice President Joe Biden, Defense Secretary Leon Panetta and Joint Chiefs of Staff Chairman General Martin Dempsey.
Saturday’s game marked the first time the teams played each other in the Washington, D.C. region. The two teams were facing each other for the 112th time in their history.
Starting the game on a bipartisan note, Obama used a silver dollar commemorating this year’s centennial of former President Ronald Reagan’s birth.
Army, which called tails, won the toss to receive.
In an interview before the game, Navy coach Ken Niumatalolo said the players’ emotions may be running higher than usual.
“There’s not too many events that the president and vice president are at,” he said.
Later, during a visit to the CBS broadcast booth, Obama had words of support for both teams and their academy classmates.
“You talk to them, they are remarkable. They’re smart, dedicated, tough, they love their country,” Obama said. “That’s what gives this game such resonance.”
Obama refused to play favorites on Saturday, although he noted his family connection to the US Army. his grandfather, Stanley Dunham, served under General George S. Patton during World War II.
But he had praise for Navy — quoting his body man, former Duke University football and basketball player Reggie love, in saying that its team is “tough.”
For his part, Obama said he enjoys football from the sidelines.
“I played football in ninth grade and then I realized I was built more for basketball,” he joked.
On a more somber note, Obama said “everybody who is rooting for Army and Navy understands the significance of these games.”
“As much fun as these things are, part of what we celebrate is the dedication and the sacrifice that these young men — and young women in the stands — are going to be making for our country day in and day out,” he said.
At halftime, with the teams tied 14-14, Obama crossed the field from Navy’s side to join Army’s cheering section. Traditionally, US presidents sit with each of the two rivals for half of the game.
Before the third quarter began, Obama, Biden and Dr. Jill Biden also visited with a group of wounded warriors made up of 49 soldiers, 18 sailors, one airman and two Marines, and their families, FOX News Channel reported.
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