Podcast Summary – The Way I Heard It with Mike Rowe

Episode 455: Philip Diehl—Flying Over the Hump
Release Date: October 21, 2025
Guest: Philip Diehl (Former Director of the US Mint, President of U.S. Money Reserve)

Overview

In this episode, Mike Rowe welcomes Philip Diehl, the 35th Director of the U.S. Mint and current President of U.S. Money Reserve, for a wide-ranging and engaging discussion. Their conversation spans Diehl's unusual path from Texas and academia to the highest levels of U.S. coinage, the legacy and symbolic meaning of currency, labor, trust, and the honor paid to America’s tradespeople and veterans. The episode is woven with personal stories, history lessons, coin lore, and reflections on honor, risk, and “flying over the hump”—a metaphor drawn from Diehl’s father’s perilous WWII missions over the Himalayas.

Key Discussion Points & Insights

1. Meeting in Liechtenstein and the World of Coins

• (00:03–06:33)
  • Mike recounts meeting Philip Diehl in a Liechtenstein bar, leading to an unexpected friendship and today's conversation.
  • Diehl clarifies: the U.S. Mint does much more than produce circulating coins—it also creates bullion coins and collectibles, manages global distribution, and secures Fort Knox.

2. The Mystique and Role of Gold

• (10:40–17:45)
  • Diehl discusses gold's enduring relevance as a store of value across crises, countries, and cultures.
  • Quote (13:40): “Gold has been recognized for thousands of years worldwide... as a reliable store of value.” – Philip Diehl
  • Fascinating details about the security measures at Fort Knox and hilarious asides on bumbling soldiers (“Drunk soldiers have climbed the fence...trying to get back to base.” – Diehl, 11:16).

3. Personal Journey and Early Influences

• (19:40–31:12)
  • Diehl shares his non-linear path: growing up in Texas, majoring in political science, absorbing existentialist philosophy (Kierkegaard), and reading sci-fi (“grok” from Heinlein).
  • Lessons from blue-collar labor: working at his family’s motel, in pipeline construction, and the dignity of manual work.

4. Work Ethic, Trades, and Respect for Labor

• (34:06–41:48)
  • Diehl and Mike reflect on the separation of “intellectual” and “manual” work, and the deep satisfaction in jobs where you “always know how you’re doing.”
  • Quote (34:06): “I learned the value of work early on…proving myself among men.” – Philip Diehl

5. Kierkegaard, Ethics, and Transforming the Mint

• (41:48–47:15)
  • Diehl connects lessons from philosophy and labor to his leadership style: emphasizing work ethic, ethical DNA, and relentless pursuit of improvement.
  • Kierkegaard’s “leap of faith” and unexamined life inform both personal and institutional change.

6. Money, History, and the Motives Behind War

• (47:15–49:24)
  • Diehl notes every major war had a financial undercurrent, but religion and other forces are crucial.
  • How the American story applied lessons from Europe regarding church, state, and currency.

7. "Flying Over the Hump": Honoring the Greatest Generation

• (49:24–56:00)
  • Diehl recounts his father’s WWII flights over the Himalayas—a physically and psychologically grueling experience—and the symbolic resonance for resilience and honor.
  • Quote (52:29): “Things aren’t exciting enough flying over the Hump… it’s best to be up for a few days straight with people shooting at you.” – Mike Rowe

8. The Symbolic Role of Coins; Sacagawea & State Quarters

• (58:15–63:16)
  • The historical power of coinage—honoring leaders, retiring symbols, and uniting a nation.
  • Diehl’s major contributions: the successful launch of the Sacagawea Golden Dollar and the 50 State Quarters program (“That was mine too. I almost got fired by Treasury for that program. That’s a different story.” – Diehl, 86:59).

9. Institutional Change: Fixing a Broken Mint

• (64:22–83:03)
  • When Diehl arrived, the Mint’s culture, operations, and finances were deeply broken.
  • His leadership: focus on customer service, radical transparency, and a new labor-management culture.
  • Quote (79:29): “Changing the culture of an organization is the hard work of leadership. And the only way you do that is by example.” – Philip Diehl

10. Lessons in Leadership and Trust

• (100:25–105:27)
  • Diehl’s two rules for building trust: be candid (no talking points), and keep promises.
  • On the importance of vulnerability, humility, and admitting what you don’t know.

11. Trades, Work Ethic, and the PR War

• (68:47–76:27)
  • A shared respect for the trades—electricians, plumbers, pipe benders—as an “eternal and egalitarian value.”
  • The modern stigma against trades and the need for cultural realignment and investment in vocational education.
  • Quote (70:05): “A shared history, a shared coinage, a shared respect for pipe bending and hard work and Buddy Holly… these are big themes that can unite the country.” – Mike Rowe

12. The Valor and Victory and Trades of America Coins

• (55:02–76:27)
  • How symbolic coinage like the Valor and Victory series and the Trades of America coin honors both veterans and American workers.
  • Details on the practical challenges of producing such coins in the U.S.—and why some are minted abroad with higher precision and artistry.

13. Why U.S. Coins Are Minted Overseas (and Why That Matters)

• (106:05–108:51)
  • The legal and technological limitations that make U.S.-based minting for some commemorative coins impossible.
  • European partners possess skills and technology not currently replicated in the U.S.—and the result is world-class artistry.

Memorable Moments & Quotes

• On the symbolic power of coins:

  • “Throughout history, that humans have understood the enormous symbolic value of coinage. That’s why the images of kings were on coins... when the earlier king was decapitated, one of the first things the new king did was put his head on the coins.”
    — Philip Diehl (58:15)

• On work and self-worth:

  • “Proving to myself that I earned a place among men… To be weighed and measured.”
    — Philip Diehl (75:24)

• On culture change:

  • “The biggest challenge in the transformation of any organization is culture… The only way you do that is by example.”
    — Philip Diehl (79:29)

• On trust and leadership:

  • “Trust in institutions comes down to trust in people. And I believe that trust is built on two things: talking candidly…and making and keeping promises.”
    — Philip Diehl (101:47)

• On the challenge of the trades:

  • “There's been way too much emphasis placed on going to college... The trades represent this opportunity to create the life they want.”
    — Philip Diehl (71:43)

• Mike Rowe, on the universal nature of gold:

  • “Gold still feels kind of nonpartisan. It feels kind of agnostic. It just is what it is.”
    — Mike Rowe (68:47)

Timestamps for Important Segments

• 00:03–06:33: Meeting in Liechtenstein, intro to Diehl’s career and passions
• 10:40–17:45: Fort Knox, role of gold as store of value
• 19:40–31:12: Diehl’s backstory, influences, and philosophy
• 34:06–41:48: Labor, blue-collar work, and its impact on leadership
• 41:48–47:15: Kierkegaard, ethics, and “making change” at the Mint
• 47:15–49:24: Money’s influence on war
• 49:24–56:00: “Flying the Hump,” honoring the Greatest Generation
• 58:15–63:16: Coins as national symbols; the Sacagawea and state quarters
• 64:22–83:03: The Mint: organizational transformation, labor relations
• 86:06–89:02: Sacagawea Dollar, State Quarters, Walmart launch
• 99:13–100:08: Risk in government, lessons from Susan B. Anthony failure
• 100:25–105:27: Trust, credibility, and institutional faith
• 68:47–76:27: Trades and shared values
• 106:05–108:51: Why the Trades coin was made in Europe, mint limitations

Notable Quotes by Timestamp

• “Gold has been recognized for thousands of years worldwide... as a reliable store of value.”
  — Philip Diehl (13:40)

• “I learned the value of work early on…proving myself among men.”
  — Philip Diehl (34:06)

• “Changing the culture of an organization is the hard work of leadership. And the only way you do that is by example.”
  — Philip Diehl (79:29)

• “Trust in institutions comes down to trust in people.”
  — Philip Diehl (101:47)

• “Every war has involved a significant financial component, but I think it’s important not to short shrift other forces that drive war. Religion... Unless we know that history, then we don’t understand the ground from which America grew.”
  — Philip Diehl (47:15)

• “I believe in consequences. I mean, you’re a consequential man. And this is a consequential commodity.”
  — Mike Rowe (67:08)

Tone and Style

The tone is conversational, inquisitive, and humorous, yet reflective with frequent philosophical asides. Both Mike and Philip meander comfortably from big ideas to practical stories, with a generous back-and-forth and a shared respect for the wisdom of hard work and the power of symbolism. The episode is full of wit, good-natured ribbing, and curious digressions that always loop back to the theme.

Conclusion

This episode is a masterclass in weaving biography, history, economics, and philosophy into accessible lessons on work ethic, symbolism, change, and the meaning of money. Philip Diehl’s stories highlight the metaphor of “Flying Over the Hump”—the challenge and necessity of courage, ingenuity, and trust both in life and public service. Listeners are left with a deeper appreciation for coins, for labor, and for the ties that bind generation to generation.

For further information—and to view educational materials on coins and precious metals, or learn about the Trades of America and Valor & Victory series—visit usmoneyreserve.com.