Is the penny a thing of the past? Well, if this question is posed to the US Money Reserve President, Robert Diehl then the answer is a resounding yes. He claims that the coin is far more in cost to produce and trouble to circulate than its use warrants. He feels that even picking the coin off of the street when found costs the individual more than the act of bending over costs.
Some believe that eliminating the penny will force prices to rise and cause serious levels of inflation. Diehl argues that this would not be the case based on present consumer paying habits. Most people presently use checks, credit cards and electronic forms of payment. The costs should not change because the venue of how people pay for their purchases will not change.
The US Money Reserve does have an inside track on the use and production of the penny, and other precious metals and cons used in the United States. This faction deals specifically with the production of coinage and the trade and sale of precious metals.They are the one venue that offers trained professionals who research ways to enhance profits and save taxpayers money.
Critics aside, Mr. Diehl feels that based on the research he and his staff have done proves that the elimination of the penny will save the people of this nations millions of dollars. Any subsequent inflation that is feared he feels is irrational because the electronic transfers of funds will still recognize the penny unit without having to have the actual coin.
The reserve also spends a lot of time holding and sponsoring charitable events that benefit children’s welfare. They are fluent in investments and aid individuals in growing their wealth and enhancing their financial portfolios. They are based out of Austin, Texas and are the largest producer of government issued coins in the US.
So it seems that the life span of the penny is coming to a close end. Is this something that any will even notice, probably not. Pennies have become street fodder for those who seek to collect the coin for stuffing piggy banks.
Credit cards, electronic payment methods and even checks will not notice the absence of the coin. These forms of payment will not notice which bills and coins are not in circulation for they do not use the physical instruments. This only leaves us to ask which coin or bill may be next on the chopping block.