Something many of us fail to consider when discussions on the U.S. economy take place is the cost of producing the money we take for granted in our pockets. PR Newswire is reporting details of an appearance made by U.S. Money Reserve President Philip Diehl on the CNBC morning show”Squawk Box” with host Andrew Ross Sorkin. The appearance of the U.S. Money Reserve President coincided with the latest calls for certain coins to be removed from circulation within the U.S.; one of the most popularly discussed ideas is for the penny or nickel to be removed from circulation.
Philip Diehl has been working with the U.S. Money Reserve since leaving his position with the U.S. Federal Government, where he was an important figure in planning the future of the U.S. economy. Many of the most important figures within the U.S. Money Reserve have a long history of working within the U.S. economy, but now provide their skills to assist members of the public with the best options in precious metals investments. The U.S. Money Reserve specializes in providing their clients with options for purchasing government issued gold, silver, and platinum coins; to make sure the individuals who purchase these coins have the best options available the company employs a team of researchers and metals specialists to guarantee the coins investments are made in.
The view given by Philip Diehl on “Squawk Box” was the penny no longer has enough use for the high cost of its zinc based production. The U.S. Money Reserve President explained the use of cash has fallen to around 25 percent of the total transactions completed in the U.S. economy, which means the $105 million per year cost of creating the penny can no longer be absorbed. Diehl believes the discontinuing of the penny would be a positive for the U.S. economy if retailers round their sales prices down to reduce the need for the penny to be used in daily transactions.