President Of U.S. Money Reserves Shares Reasons To Get Rid Of The Penny

U.S. Money Reserve, Inc., is an Austin, Texas, based firm that sells government-issued gold coins. The coins are one ounce each and can be silver, gold, or platinum.

U.S Money Reserve has been in business for over 10 years and has helped hundreds of thousands of people over those years purchase coins. When people call into this company, they talk to an account executive who is able to answer all their questions and help them meet their goals and objectives when it comes to owning valuable precious metal coins.

Philip N. Diehl is the president of U.S. Money reserve. He was also once the United States mint director. He recently appeared on CNN where he talked about eliminating the American penny.

There was recently a debate in England about eliminating their one-penny and two-pence coins which ultimately resulted in their choice to keep these coins in circulation. Read more: US Money Reserve | Manta and US Money Reserve | BizJournals

However, this did spark interest in the United States on whether the American penny should continue to be made. The penny was the first currency that the U.S. government minted. In 1909, Abraham Lincoln was chosen to be pictured on it.

Because of his image on the penny, it became a special part of American culture. The back of the penny has seen numerous design changes over the years, though, such as a wheat head and one showing the Lincoln monument in Washington D.C.

The penny used to be made of 95% copper and 5% zinc. During World War II, copper was needed for the war effort and so it was mostly removed from pennies. It was briefly made mostly of steel and nowadays it is 97.6 zinc and just 2.4% copper.

Philip Diehl of U.S. Reserve said that it costs nearly two cents to make each penny. The zinc comes mostly from China and costs the U.S. Treasury about $2.1 million a year to import.

Given current trade tensions between The U.S. and China, coupled with concerns about how zinc mining negatively impacts the environment, raises additional concerns about whether pennies should continue to be made beyond just monetary reason.

Another reason to eliminate pennies is that people are not using nearly as much cash as they used to, especially pennies. They often end up sitting in drawers for months to years at a time. Some people even throw them away when they get them as change. This all adds up to more and more public support for getting rid of them.

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