The physical dismissal of the United States penny, a notable piece of the country’s currency, was the center of discussion recently when Philip Diehl, president of the U.S. Money Reserve, gave an interview to CNBC’s Squawk Box, as reported by PRNewswire. During the interview, Diehl stressed that the means of the penny’s production unfortunately surpassed that of its own value, and questioned whether or not the ordinary consumer benefited from such a once treasured object of American making. Diehl’s suggestion to eliminate the penny has, of course, been met with swift skepticism and criticism from economists, such as that of Andrew Ross Sorkin, who believe that dismissing the penny could potentially have drastic effects on the spending habits of consumers as well as the marketplace. Diehl countered these claims by stating that such concerns have produced very little truth. Furthermore, Diehl concluded that eliminating the penny would not just fare well with consumers, but businesses as well, who will quickly begin to create an affordable marketplace. Diehl is even confident that such a move would be economical in terms of potentially sparing the American taxpayer hundreds of millions of dollars each year and cited today’s transaction methods as evidence to support his claims.
The U.S. Money Reserve is a grand and exclusive distributor of gold, silver, and platinum coins authorized by the United States government itself. Founded in 2001, the company interacts regularly with a large clientele base who own such prized goods, and who confide in the company to provide the utmost customer service and value of their personal collections. Its clients receive numerous financial rewards and various investment opportunities. It is based in Austin, Texas and plays an active role in the community, hosting and providing charity to raise funds for those in need and, by extension, the country itself.