An interview was conducted on the CNBC Squawk Box with Philip Diehl, the former Director for the U.S. Mint. During this interview, Philip actually gave out some great advice, those moments that you see a penny on the ground and think about picking it up, don’t. It is a waste of your time, according to Mr. Diehl. As the current president of the U.S. Money Reserve, the U.S. Money Reserve is a well-known coin distributor, Mr. Diehl actually talked about how he believes that the penny should be taken out completely.
However, Philip is not the only one thinking this, in fact, he is one of millions who believe that the penny should be taken out of the money circle. One fact that most people do not know about Philip is that he actually had tried in the past, while he was the director working with the U.S. Mint, to have the penny removed, but he just couldn’t get it to happen, people were just caught up in their fascination of the penny.
Now, why would someone want to take the penny out of circulation? The fact is, the penny is just taking money away, it is costing way more for them to make it then it is actually worth when it is put out. Each year that the penny is produced and sent out to the public, the loss of money equals out to millions for the U.S. Mint.
Some people, the people who are wanting the penny to stay, are actually worried that the loss of the penny will create disaster, causing inflation and distortion of all of the prices. However, Philip believes that this is null and void, because almost 100% of the money that goes in and out of pockets comes from cash and electronic forms of money.
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