The President of the U.S. Money Reserve, Philip Diehl recently made an appearance on CNBC’s “Squawk Box” morning show where he discussed the options available to U.S. agencies for reducing the costs of currency production, PR Newswire reports. During the show the former Director of the U.S. Mint gave his view on removing the penny from everyday use in the U.S., which was a view based upon the skills of Diehl as a precious metals and currency expert.
The U.S. Money Reserve has been at the top of the precious metals markets for a number of years, particularly amongst those looking to invest in government issued gold, silver, and platinum coins. The founders of the U.S. Money reserve were traders in precious metals who hoped to assist everybody with the opportunity to invest in precious metals. In a bid to make sure the company only offers the highest quality coins a dedicated team of experts has been assembled, which includes those with the skills to analyze specific coins to make sure they are of the correct value.
Within the interview Diehl took part in he looked to the effects a change in currency values would have on the overall U.S. economy. Despite fears the removal of the penny from circulation would lead to a rise in inflation the President of U.S. Money Reserve believes the change would be of benefit to the economy as a whole; the theory presented by Diehl stated retailers would round down their prices to avoid the use of the penny and offer increased discounts customers would look to use.
There are more options for changing the face of U.S. currency, which also includes the removal of the five cent nickel from circulation. Diehl argued on the CNBC show the best option for the U.S. was the removal of the penny as it costs around $105 million per year to keep the coin in circulation for very little in return.