The U.S. Money Reserve President Philip Diehl has recently appeared on the CNBC morning show Squawk Box to discuss the best ways of making the U.S. economy profitable again. Diehl was giving his opinion on the latest ideas being discussed to reduce the overall cost of producing coins to be placed into circulation, which saw Diehl giving his opinion that the penny should be removed from circulation in a bid to reduce the costs of production for coin makers. The arguments set forth by the precious metals and coins expert included the savings of more than $100 million per year for the American taxpayer that would be made by eliminating the penny, according to PR Newswire.
Philip Diehl is in a unique position to give a positive insight into the best possible options for making the production of coins profitable again because of the training of the U.S. Money Reserve President. Diehl is a former official within the U.S. federal Government and joins many other former government figures on the staff of the U.S. Money Reserve. The Austin, Texas based company was established by former government officials and precious metals dealers who believed the general public should be given the chance to invest in the best government issued gold, silver, and platinum coins.
The question of how to increase profits within the U.S. economy has come as a major shift has taken place towards digital transactions made using debit and credit cards. In the 21st century only 25 percent of transactions are made with cash, which Philip Diehl believes has reduced the need for specific coins to remain in circulation. The nickel and penny are the two coins under the most threat because of the small profit margin their production provides. Diehl believes the loos of the penny could drive up cash sales as companies look to round down their transactions to the nearest multiple of five.