Recently, the debate surrounding whether the use of penny coins as legal tender should be done away with or not has been circulating in most media platforms. According to CBS19, the discussion has further been advanced by the U.S Money Reserve President Phillip Diehl. Philip was of the opinion that penny coins have outlived their purpose in the current U.S. economy and asked reconsideration on their use. Instead, he urged people to consider using platinum, silver and gold coins as legal tender.
The former U.S. Mint Director said that the use of gold coins will be profitable to all persons since they are not only legal tender backed by the U.S. government but also have high volatility in both local and international markets. Philip said this during an interview in The Entrepreneurial Podcast Network’s Enterprise Radio show where he had a pretty informative chat with the host, Eric Dye. The show has established itself as a platform where entrepreneurs, top managers and small and medium business owners’ show case their products, strategies and experiences. Learn more about US Money Reserve: http://www.retailmenot.com/view/usmoneyreserve.com
The successful entrepreneur was very vocal that the use of the penny makes the country incur a lot of losses. He reiterated that he pushed for its abolition during his term as the U.S. Mint direct albeit unsuccessfully. He says that instead of using cash as a measure of wealth, many people have now considered acquiring gold coins and taking advantage of increases in gold prices.
However, his efforts have encountered resistance. For instance, the Americans for Commons Cents, a Non-Governmental Organization has been vocal against the withdrawal of the penny. They argue that stopping the use of penny coins will have tremendous economic effects which Phillip Diehl thinks are neither nor there. The Americans for Commons Cents do not resist the use of gold, silver or platinum bars and coins.
Phillip Diehl is credited for having turned U.S. Money Reserve into top flight company level since he joined the firm. When he joined the company, it was ‘pretty backwards’ while under his leadership, it has developed into ‘a real entrepreneurial agency’. Many economic analysts attribute his firm entrepreneurial principles including to his keen commitment to customer satisfaction to his successful term at the U.S. Money Reserve. Under his command, the company’s IRA program has attracted hundred of thousands of customers to hold gold coins as a means of wealth. Further, the performance of the program has greatly improved to become of the largest distributors of precious bars and coins issued by the U.S. government.
ABOUT U.S. MONEY RESERVE
U.S. Money Reserve is one of the largest distributors of precious metal bars and coins, mainly gold, silver and platinum coins in the U.S.A. Since its establishment in 2001, it has served hundreds of thousands in the U.S. who have acquired these coins as a means to diversify their wealth beyond the conventional assets. The U.S. Money Reserve has highly trained and experienced staff such as numismatic professionals who help the clients to acquire the best quality metals in the market.
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