US Money Reserve President Philip Diehl recently said on Squawk Box, aired on CNBC, that the penny should no longer be circulated. In making his case, he points out that anyone that bends down to pick one up is not even making minimum wage anymore.
Answering opponents that argue that eliminating pennies would cause inflation, Phillip Diehl says that competition would keep prices about the same. In fact, he feels that many companies would lower prices to show good customer service. He also argues that on a wide scale basis, eliminating the penny would have very little effect on the economy because 75 percent of transactions are done electronically. He says that the only ones that support keeping the penny are zinc producers and penny bank manufacturers.
It now costs 9.7 cents to make a nickel while it is worth only five cents. He says that the cost of production for making nickels can be adjusted, however, based on changing the formula of its components.
Many people respect Philip Diehl’s opinion since he was once the United States Mint director. Now with US Money Reserves, he is proud to offer his customers coins that will retain their value. Some of those coins even have the full backing of the United States government.
The company is very proud of the customer service that they provide customers. Additionally, they are very proud of the community service that the company regularly performs including offering scholarships to Dallas area youth.If you want to discuss this issue further, they encourage you to call them or their staff today.
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