Even as Billionaire financial George Soros warns of an impending financial market crisis, the president of the US money reserve Philip Diehl discussed on the effect of the US penny and whether it is too expensive or it will press for inflation. The US money reserve is the largest and most trusted distributor of gold, silver and platinum coins to the US government.
Diehl who is the former US mint director, in an interview with enterprise radio as written by Entrepreneur podcast network, discussed issues concerning the pennies on the market and the verdict of using gold coins. The company president is regarded as the most influential and powerful US Mint directors ever by the company. This is attributed to several implementations such as creating the famous 50 states quarter program and launching the first ever government-issued platinum coin for the US.
He has some advice to anyone who will come across a penny and think of picking it up, not to do so as its worthy has depreciated, according to a recent radio interview. Diehl has plans to abolish the penny because it is costing more to make than it’s worth. His move is similar to the one he tried to do while the director of the US mint. The Mint Company lost a lot of money producing pennies of gold, silver and platinum whose worthy were less and He does not want to experience the same with the US money reserve. Even with fears that eliminating the penny will distort prices and create mild inflation, Diehl reiterated the claims saying there is nothing much to that assertion.
He claims it is an argument that has been seen for the last 25 years by thE penny lobbies that are after maintaining the penny. He stated that most of the transactions nowadays are done through electronic forms.
Diehl has been very successful since his time as the director of US Mint Company, where his first initiative was developing a multi-year customer refurbish. Among his legacies at the company includes being at the forefront in fashioning the 50 states quarter program that become the most popular and most triumphant coin program in the US, launching the Sacagawea dollar and the first platinum coin of the nation. All these efforts contributed to the annual increase in profits for the Mint Company from $ 450 million in the first year for Diehl to $2.5 billion in the year he was leaving the company as the director.
Apart from heading the US money reserve, Diehl serves under the Industry Council for Tangible Assets (ICTA) as a board member.
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