Phillip Diehl and the Transformation of the US Money Reserve

Phillip Diehl has been at the forefront of currency distribution operations throughout his career. His role is evident through his stints previously as the director of the U.S Mint and currently the CEO of the Us Money Reserve.

As the manager of the US Mint, Phillip’s role involved orienting and circulating the dollar around the country. He goes down in history as the chief campaigner for the abolition of the Penny.

In his argument, he cites the fact that the penny costs as much as twice its value to mint. Such costs present unsustainable economic practice in the US. Mr. Diehl also went out of his way to discredit the view that abolishing the penny would result in an inflation within the US economy.

If the penny were to cease circulation, only price adjustment measures would need implementation. For instance, rounding off cost figures would facilitate the elimination of the penny and wouldn’t necessarily result in price hikes.

Mr. Diehl’s legacy also features economic reforms in producing new currency especially the coins that utilize precious metals as raw materials.

Today, Phillip Diehl’s expertise is serving the US Money Reserve. The Phillip Diehl era of transformation and excellence anchors on the US Money Reserve’s founding principles of unmatched customer service, education and quality. In an economic period where Gold and other precious metals exhibit increased demand, the Reserve has had to reassure its customers and adjust to modern business methods.

The US Money Reserve is the appointed distributor of government issued silver, platinum and gold coin in the United States. Their status and affiliation to the government translates into the best quality precious metal products anywhere in the world.

The US Money Reserve assures its clients of the best quality of coin and bullion on the values of purity and weight. The company has achieved monumental success in educating investors and the American public of the benefits accruing to the ownership of precious metals.

In fact, the current economic volatility of financial markets prompts many Americans to convert their cash reserves into precious metals hence the current demand for Gold. Phillip Diehl leads by example as seen from his frequent media appearances and interviews. For instance, a recent interview with PR Newswire, Phillip addressed questions on the future of the US Money Reserve and its products and services.

Since its inception in the year 2001, the US Money Reserve continues to cement its position as an industry leader. Under Phillip Diehl, the firm can look forward to a new era of operation efficiency. It’s said the private company is currently implementing a new online business strategy that allows customers to access the gold market on their website.

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U.S. Money Reserve: The True Cost of a Penny

In a CNBC Squawk Box interview with the U.S. Money Reserve president, Philip Diehl, the question at hand was not whether the U.S. penny was too expensive to continue producing, but whether or not the discontinuation of the coin would distort and perhaps even press inflation further. Diehl states that the aforementioned argument is one that has been made for the last 25 years by penny lobbyists, among whom have private interests in the production of the penny; Zinc manufacturers, since pennies are comprised of 97.5 percent Zinc, and the Illinois Congressional Delegation, for the use of Abraham Lincoln’s image, are the primary lobbyists pushing for the penny to remain in production. The fear of distortion and/or inflation persisting do due the suspension of the penny comes into question mainly in the sale of goods, where consumers feel that companies will choose to round up their prices. Diehl argues that with the state of the current market price, companies are well within their means to raise the prices of goods now. Diehl suggests that companies are more likely to round prices down to avoid “…irritating the customer for a penny” (P. Diehl, CNBC Squawk Box, December 30, 2015). With 75 percent of all transactions being in an electronic format, rounding down prices would only affect a small portion of the 25 percent cash transactions.

Would the American people really mourn the loss of the penny, when millions of them are thrown away on a daily basis? Is it worth producing a coin that pays less than minimum wage to stoop down and pick up off the street? Many hold sentimental value to the penny, but by removing the penny from production, the U.S. Reserve would save 105 million dollars, which is a small savings in capital when compared to the nickel, which costs well over five cents to create. However, Diehl states that there is a better opportunity to reconfigure the composition of the nickel to make it profitable or close to profitable. It is clear that efforts have been made to preserve the coin, but “…the penny is beyond hope…it has outlived its usefulness for over 25 years” (P. Diehl, CNBC Squawk Box, December 30, 2015).


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