According to Philip Diehl, the elimination of the US penny from circulation is the right step and its expense outweighs its use. Speaking recently at CNBC’s Squawk Box, Philip said that nowadays, people no longer use the penny, and if anyone bends on the streets to pick it up, they are most probably getting paid below minimum wage. Even though different economists hold a very firm belief that taking the penny out of circulation will harm the economy by increasing inflation and distorting prices, he thinks that they are recycling the same argument that has been in use for not less than 25 years.
As reported by PR NewsWire, Philip pointed out that we are living in an era where most of the shopping is done electronically, therefore, very few if any transactions would get affected by the elimination. He also thinks that many businesses would resort to rounding off prices so as to avoid instances where they would be required to give the penny as loose change. He also thinks that not all businesses would increase the prices because they would be forced by competition from peers to reduce.
Philip said that the penny is beyond hope when it comes to being redeemed because it will save Americans not less than $105 million annually. Many who have been opposing the elimination are industry players in the coin making industry who are contracted to make the zinc lobby and coin’s blanks.
The US Money Reserve belongs to the league of the nation’s biggest distributors of US government issued precious coins made from gold, silver and platinum. The company serves hundreds of thousands of clients and plays a very crucial role in helping them diversify their assets with physical precious metals.
The company has a professional operating team that is adequately prepared to conduct proper coin research as well as deal with the market at a manner that is professional so as to help identify products that have the highest profit returns.
The US Money Reserve is well respected when matters related to going above the normal industry standards and norms are concerned so as to ensure that it delivers the best results. It is based in Austin, Texas and it also very involved with community matters. Recently, it was involved in a campaign to help raise funds for the Austin Police Department’s Operation Blue Santa. It is also open every day of the week for either new or old clients who might need to get help with investing.