US Money Reserve President Speaks on Eliminating the Penny

There are many forms of currency out there today. These forms of currency are becoming more obsolete due to the massive amount of credit and debit cards that are in use. The modern age is looking down on physical currency, and there are many who are very upset at the penny. There is a big movement in the United States where individuals are trying to get the United States to stop manufacturing pennies. They say that these pennies are costing more to make than they are worth and they costing the government unnecessarily.

There are others who claim that stopping the printing of pennies would greatly disrupt the economy today. They claim that the unbalance from the loss of penny printing would be a ripple effect that would make unnecessary changes in the market. Philip Diehl, U.S. Money Reserve president is claiming that these changes would not affect the marketplace and the penny should be done away with. Diehl also states that only 25 percent of transactions are done with cash anymore. This goes to show that there are less and less people who are using these coins to begin with. This adds to the argument stating that pennies are becoming more obsolete every year.

In his CNBC Squawk Box interview Diehl states that there are very few transactions that would even be affected from the elimination of pennies. Rounding pennies up to the nearest 5 cent would not be something that would make a huge difference. The U.S. government would be able to save money each year not having to print pennies. If the U.S. government were to eliminate the printing of pennies each year the savings would total just over 105 million dollars. This is something that has many individuals in power very interested about this notion that keeps gaining more attention.