Philip Diehl is the President of the US Money Reserve, and recently, he made an appearance on CNBC’s Squawk Box program to give his views on the elimination of the United States penny from operation. Philip did not mince his words and said that the elimination was the right thing since the penny is overwhelmed by its own expense. Diehl was quick to mention that people do not use the penny anymore and if one is spotted picking it up on the streets, then that person must be heavily underpaid and probably belonging to the below minimum wage payroll class.
He also said that economists who are against the elimination citing reasons to support their argument as that it will distort prices and cause inflation as having used the same argument for more than 25 years. At a time when only 25% of the total transactions are cash based, no one will feel its absence since the remaining majority is done electronically. He also said that very small numbers of businesses would get affected by the elimination and noted that a very large number will most probably round off prices to avoid instances where they will be offering it as change.
Many critics argue that eliminating it is a shortsighted move because it costs more than 9 cents to make. The coin is made up of copper, and many see it as still being in a position where it can redeem itself by having its composition changed to make it more profitable. However, Philip does not subscribe to that school of thought saying that by it getting eliminated, it will be saving American taxpayers not less than $105 million per year.
Philip heads the United States Money Reserve which is one of the country’s largest and most respected private distributors of precious coins made of gold, platinum and silver that are specifically issued by the United States government. The company is relied upon by thousands of customers across the country to help them diversify their assets with physical precious metals in the form of US silver and gold coins.
The company also prides itself on having the most professional and uniquely trained team that includes customer care professionals as well as numismatic professionals that are highly equipped with high-level market knowledge that is very paramount in identifying products with the best profit margins. The company goes beyond industry standards to see to it that every customer is satisfied and that they are issued with the best value for their investment.