Ruminations of a Taco-Obsessed Philly Native

Philip Diehl is someone whose opinions about currency counts for a lot. As a former director of the U.S. Mint, he has spent a lot of time overseeing the production of legal coins and tender. Currently, he serves as the president of U.S. Money Reserve, a top provider of precious metal coins to investors and collectors. Based on his experience and expertise, CNBC interviewed Diehl about a very interesting topic. He was asked to give his formal opinion on the future of the penny. Diehl’s outlook for the age-old coin is bleak.

Diehl pointed out a fact that traditionalists may not want to hear. Basically, there really is no need for the penny in the current economy. There really isn’t much out there that can be purchased for a penny. The prices on products are not likely to cost $1.32 or $5.47, and this cuts down on the need for keeping a few pennies in a wallet. The overall uses for currency are decreasing as well. People buy online in tremendous numbers. Person-to-person sales frequently rely on the use of debit cards. Even very minor purchases are paid for with plastic, and this further reduces the need for currency. The penny, in particular, serves less of a purpose.

The end of the penny is not exactly going to occur without warning. Likely, the coin will be phased out over time. Again, Diehl does not see why the government would continue to mint a coin no one needs.

Diehl definitely understands coins. He is, after all, in charge of one of the top precious metal coin sellers in the United States. Headquartered in Austin, TX, U.S. Money Reserve acquires only the best gold, silver, and platinum coins for resale. These coins are all legitimate currency per the U.S. Mint. In the current global economic landscape, demand for precious metal coins seems to be increasing. U.S. Money Reserve is available to meet the demand.

Bruce Levenson is probably best known for his work as the co-owner of the Atlanta Hawks. However, he has a career in philanthropy that goes back 40 years. Levenson has given money to a variety of good causes over the years, focusing especially on those which provided educational opportunities for the disadvantaged.

Through his years of experience as a philanthropist, he noticed that many non-profits and charities failed simply because those running them lacked business knowledge and skills. To help remedy this, he and his wife thought up and helped finance the Center for Philanthropy and Non-Profit Management at the University of Maryland.

This center provides classes and training for students who are planning to work in the non-profit world after graduating. It also reaches out to the larger student body to train and motivate the next generation to become philanthropists after they have left school and are earning good money.

The classes at the center bring in prominent philanthropists and individuals from the non-profit world to give guest lectures. Many of these individuals are people that Levenson has met through his own philanthropic work. The classes raise money and give away grants after systematically reviewing and screening applicants. These classes offer fantastic real world experience for students working under the guidance of professionals.

The center also send students overseas to India and other countries to work with NGOs. Students interested in non-profit management can even live together in the dorms to network and learn from one another. Also, there are plans to extend the Center’s work to China by 2016.

On campus, the center works to create enthusiasm in all students starting freshman year, in part by having a philanthropist in residence program.

In brief, The Center for Philanthropy and Non-Profit Management founded by Bruce Levenson and his wife stands out in that it seeks to train and educate the next generation of givers, instilling values as well as teaching skills.