PR Newswire reports when the CNBC morning show “Squawk Box” hosted a discussion on the future of currency used in the U.S. they turned to Philip Diehl, the President of the U.S. Money Reserve. The former U.S. Mint Director made a number of predictions on the future of the U.S. economy, and stated his belief that certain coins in common use should be removed from the economy to make sure the costs of producing currency remains affordable. Diehl revealed the production of the penny alone costs the American taxpayer around $105 million per year for very little value in return.
The president of the U.S. Money Reserve is in a strong position to provide information and analysis of the value of currency because of the expertise of himself and the staff he has assembled. Established to provide members of the public with the best options in buying precious metals in the form of government issued gold, silver, and platinum coins. Based in Austin, Texas the U.S. Money Reserve has been pushing the limits of valuing and testing the standards of government issued coins to make sure customers get the highest value for their precious metals investment.
Philip Diehl has used the skills he and his team at the U.S. Money Reserve have developed in a bid to find the best ways of improving the quality of profits made in producing the coins in everyday circulation. Diehl believes the best option for reducing the burden of producing more coins on the taxpayer is to reduce the number of different types in cicrulation. The financial experts explained his view that the penny now serves little purpose and has a high annual price tag for production and use each year; few options are available for altering the metal makeup of the penny, but the nickel could have its ingredients altered to produce a more economically viable coin for production.