The future of the penny has been a recent topic of discussion for some of the leaders in the UK, and American businessmen Philip N. Diehl spoke publicly about his thoughts.
He is the company President of U.S. Money Reserve, Inc. The Parliament of the UK has since voted to continue the use of their one and two cent means of currencies. Read more: US Money Reserve | Manta and US Money Reserve | BizJournals
The penny has had its place in US history, and there are still many people who will use cash instead of plastic to make a purchase. In his recent discussion, Philip Diehl spoke about the cost of producing each penny. The cost is nearly double its value. He is the founder of US Money Reserve, Inc., and he is a former head of the US Mint. Mr. Diehl is #35 in the line of former Directors of the Mint.
Zinc used to produce the penny is obtained in part from China. The zinc supply is estimated to make up nearly $2.1 million of the trade deficit that exists between the two countries. This is concerning to some experts amidst the current political unrest regarding the US and China.
The coin as it is known today first went into circulation in 1909. That is the year that past US President Abraham Lincoln’s face appeared on the penny and has not been changed since that year. It remains as a commemorative tribute to the 16th President of the United States.
US Money Reserve has been in business for over 10 years. The company has become one of the largest dealers of commemorative coins in the country. They feature precious metal single coins and coin seats in gold, platinum, and silver. The company headquarters are in Austin, Texas.
There are a large variety of coins available for their customers to view on the company website. One of the latest coin sets was released to pay tribute to former US President Ronald Reagan.
The was a limited edition. The coins are sold directly to the public, and coin collectors across the US are amongst the over 400,000 customers of US Money Reserve.
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