US Money Reserve Calls for Eliminating the Penny

PR Newswire featured an article on January 26 titled “US Money Reserve President Appears on CNBC’s Squawk Box.” The topic of discussion was about eliminating the US penny from circulation which is something Austin, Texas based US Money Reserve President Philip Diehl agrees with. Diehl went on to say that nobody uses the penny anymore, and cash transactions overall only represent only 25% of all financial transactions. Eliminating the penny will not have much of an effect on the markets, and businesses will be forced to round down the prices on their products to accommodate customers.

There are some economists who believe eliminating the penny will distort the prices of products and increase inflation which Diehl countered by saying opponents have been using this argument for the past 25 years. Opponents point out the penny is beyond the point of recovery, and taxpayers can save $105 million annually by discontinuing the production of the penny. People who have a vested interest in keeping the penny in circulation include those who create the coin’s blanks and the zinc lobby since pennies are 97.5 percent zinc.

US Money Reserve has been in business for over 14 years and has grown to be one of the largest distributors of precious metal coins in the country. They have over 100 professionals who are experts in precious metals who can help investors purchase precious metals as a hedge against economic uncertainty. US Money Reserve offers US government certified gold coins that are produced by the US Mint. They offer their customers a 100% money back guarantee if they are not satisfied within 30 days of their purchase. Gold has been one of the best ways to preserve capital and increase wealth, and US Money Reserve helps its customers in both areas.

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