The U.S. Money Reserve President Philip Diehl has recently appeared on the CNBC morning show “Squawk Box”, which was focusing on the changes that could be made to the production of currency to make the U.S. economy more profitable. PR Newswire reports the discussion focused on the different coins that are currently in general circulation and how their production costs the taxpayer a large amount of money each year. The focus fell on the nickel and the penny as the two coins most at risk of being put out of circulation, largely because of their high cost of production.
Philip Diehl is just one of the officials at the U.S. Money reserve with a long history of working in the currency and precious metals market, Diehl was a Director at the U.S. Mint before joining the company. The U.S. Money reserve has always looked to work with individuals who have the best possible experience in associated markets. Following the early success of the company that was formed by a group of precious metals dealers the company has looked to different industries to find its professionals; in order to provide the best possible service for their clients the U.S. Money Reserve has employed experts in metals and research to test the government issued coins customers invest in.
During his early morning TV appearance Philip Diehl gave his opinion that the penny should be removed from the general circulation of U.S. currency. The U.S. Money Reserve President believes the nickel has the chance to be redesigned by experts in a bid to lower its 9.4 cents price tag for each five cent coin. In contrast, a redesign of the penny is virtually impossible and the $105 million per year spent on producing new pennies would be a significant saving for the taxpayers of the U.S.