After an extensive discussion in the UK parliament, the legislature has decided to retain the country’s one penny and two pence coin. The issue has awakened a talk in the United States where lots of citizens are advocating for the removal of the country’s penny from circulation. The matter has led to Us Mint Director to discuss it on live TV.
The primary issue for its abolishment is that many people believe the penny is no longer useful and has lesser value as compared to when it was often used by most citizens.
US Money Reserve is the state corporation responsible for the production and circulation of the penny. It has close ties with the US Mint company and hence the company’s significant stake in the financial matters of the United States. Read more: US Money Reserve | Manta and US Money Reserve | BizJournals
Since the reigns of former president Abraham Lincoln, that is over 100 years ago, the penny has been service although its use has continued to decrease over the years. The fact that the penny has dropped in value throughout its lifespan is among the many reasons citizens and especially top economists in the country want it to be scrapped off the market.
Former US mint director who leads the Money Reserve aims at replacing the penny with more valuable coins made of gold and silver. The Reserve has managed to gain a considerable number of customers over the years since the idea of scrapping the penny came along.
The company has been successful in dealing with valuable coins made of more precious metals and which are believed to have a more significant market value for businesspersons as compared to the original penny.
The US Reserve has undertaken several projects among them being educating investors on the benefits of keeping their wealth in the form of valuable metals which are easier to liquidate. Their efforts are receiving much-unpredicted support from the majority of citizens.
With the increased use of cryptocurrency and online money, the penny is seen as an outdated feature in the modern markets. Modern systems of investing are proving to be more economical as compared to what the penny is providing.
With a monopoly in the production of both gold and silver products, the US Money Reserve is confident of replacing the penny with more valuable coins. Their future projections indicate that many investors will opt to invest using valuable coins, which will be the last blow to the penny.
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