Philip N. Diehl, former director of the US Mint, is currently the president of U.S. Money Reserve, one of the world’s largest distributors of rare coins, currency, and bullion. He was recently named the new chairman of the Industry Council for Tangible Assets (ICTA), an industry group representing businesses that deal in bullion and coins.
The ICTA represents its members and helps maintain good relationships with the government agencies and bodies that regulate the industry. It describes itself as the “watchdog” of the industry.
According to Crunchbase, US Money Reserve is well-known for his role spearheading the ICTA’s effort to amend a 2013 Minnesota statute that affected dealers and customers throughout the country.
Diehl put his experience with legislatures to work. One of the keys to his success at the US Mint was his success in convincing the Congress to exempt the Mint from appropriations and make the Mint a Private Enterprise Fund (PEF). Thanks to Diehl’s leadership and political acumen, the ICTA was able to obtain a change in the law in 2016.
Diehl’s appointment comes as no surprise, given his extensive background. During his tenure at the US Mint, Diehl doubled revenues to 2.5 billion and profits to 1.1 billion, while expanding the Mint’s staff by only five percent.
Moreover, he was responsible for setting up the Mint’s website, which quickly became one of the leading retailers of its day, earning $3 million dollars in revenue weekly.
As the new chairperson of the ICTA, Diehl plans to concentrate on expanding the organization’s membership base and finances, as well as fostering cooperation among the different industry groups that are active in the rare coin, precious metal bullion, and paper currency market.