• When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

$1 trillion dollar platinum coin?
0

Started by Jason Abshier,

31 posts in this topic

Jason Abshier

Jason Abshier

Posted
Posted

Lately I been hearing a lot chatter going on in DC last few days about them wanting to raise the debt ceiling the GOPs don’t want to help but don’t need GOPs help they can bypass it and raise debt ceiling in return they came up with a wacky idea minting a $1 trillion dollar platinum coin ? As wacky as it sounds I thought they were joking but they were serious ! Google it for yourself 

Link to comment
Share on other sites
RWB

RWB

Posted
Posted

Great pocket piece!

Kind of on the same idiotic level as collecting all the world's gold, casting it into a large die to be rolled in settlement of international disputes instead of fighting. (Which SiFi story did that come from....?) There's also the old trope of fighting wars and enforcing casualties by computer - no physical damage.

Link to comment
Share on other sites
gmarguli

gmarguli

Posted
Posted

What is being proposed is clearly not what the law intended. It's very likely that if this were to be tried, the courts would rule against it. 

Link to comment
Share on other sites
Woods020

Woods020

Posted
Posted
On 10/4/2021 at 2:04 PM, gmarguli said:

What is being proposed is clearly not what the law intended. It's very likely that if this were to be tried, the courts would rule against it. 

We can only hope 

Link to comment
Share on other sites
Revenant

Revenant

Posted
Posted

I mean... Biden's administration is just talking about something that they talked about when Obama was president and Biden was the VP and the same nonsense was going on. They didn't do it then and they won't do it now because it is the nuclear option. It is crossing the Rubicon. If you do this you can't even pretend like Congress and the Legislative branch matter anymore and it just becomes 100% a clown show and they will NEVER do this because of how this could be used the second the shoe is on the other foot. Just  my 2 cents.

Link to comment
Share on other sites
zadok

zadok

Posted
Posted
On 10/4/2021 at 3:46 PM, Revenant said:

I mean... Biden's administration is just talking about something that they talked about when Obama was president and Biden was the VP and the same nonsense was going on. They didn't do it then and they won't do it now because it is the nuclear option. It is crossing the Rubicon. If you do this you can't even pretend like Congress and the Legislative branch matter anymore and it just becomes 100% a clown show and they will NEVER do this because of how this could be used the second the shoe is on the other foot. Just  my 2 cents.

...we already have a marionette show so why not bring in the clowns...maybe even a trick pony too....

Link to comment
Share on other sites
  • Popular Post
Coinbuf

Coinbuf

Posted
  • Popular Post
Posted
On 10/4/2021 at 12:46 PM, Revenant said:

I mean... Biden's administration is just talking about something that they talked about when Obama was president and Biden was the VP and the same nonsense was going on. They didn't do it then and they won't do it now because it is the nuclear option. It is crossing the Rubicon. If you do this you can't even pretend like Congress and the Legislative branch matter anymore and it just becomes 100% a clown show and they will NEVER do this because of how this could be used the second the shoe is on the other foot. Just  my 2 cents.

Well its already a 99% clown show so what is 1% more. ;)

Link to comment
Share on other sites
Woods020

Woods020

Posted
Posted (edited)
On 10/5/2021 at 8:16 PM, Lem E said:

They will make a fake one for Etsy. Toss it on the ground, stomp on it a little, call it an error and price it at 2 Trillion.

Agreed. I was thinking even if they post the real one on Etsy it probably isn’t the highest priced or most absurd listing on there. 

Edited by Woods020
Link to comment
Share on other sites
Jason Abshier

Jason Abshier

Posted
  • Author
Posted

Yeah I don’t fully grasp concept why does a coin have to be minted using $1 trillion dollars worth of platinum? (That sucker must be huge? Take a big vault)  Why not just stack $1 trillion dollar of platinum? Keep in mind the precious metal market moves in waves , $1 trillion now , could go down in hole in next few years of precious metal platinum in this case tanks under just sounds stupid to me 

Link to comment
Share on other sites
Fenntucky Mike

Fenntucky Mike

Posted
Posted (edited)
On 10/6/2021 at 7:23 AM, Jason Abshier said:

Yeah I don’t fully grasp concept why does a coin have to be minted using $1 trillion dollars worth of platinum? (That sucker must be huge? Take a big vault)  Why not just stack $1 trillion dollar of platinum? Keep in mind the precious metal market moves in waves , $1 trillion now , could go down in hole in next few years of precious metal platinum in this case tanks under just sounds stupid to me 

The face value of the coin would be $1T, the coin would probably only be as big as it would need to in order to fit that many 0's on it. lol Or the word "Trillion".

Edited by Fenntucky Mike
Grammar
Link to comment
Share on other sites
Alex in PA.

Alex in PA.

Posted
Posted
On 10/6/2021 at 7:33 AM, Fenntucky Mike said:

he coin would probably only be as big as it would need to in order to fit that many 0's on it. lol

Then the owner would need a flat bed train car to take it to the shows!  1 Trillion Dollar coin!    :roflmao:

Link to comment
Share on other sites
jtryka

jtryka

Posted
Posted

Well according to the Constitution, Congress has the power to coin money and regulate the value thereof, so it would be in their purview.  But that means Congress would still need to pass it, and if they can't pass legislation to raise the debt ceiling, why would they pass legislation to mint a trillion-dollar coin?  On another note, minting a trillion-dollar coin would lay bare to the world, the worthlessness of the dollar, similar to the $100 Trillion Zimbabwe bill I have in a drawer somewhere...

Link to comment
Share on other sites
Conder101

Conder101

Posted
Posted (edited)
On 10/4/2021 at 3:04 PM, gmarguli said:

It's very likely that if this were to be tried, the courts would rule against it. 

Not sure they could.  As far as I can tell it would be perfectly legal.  Bad idea, but legal.

 

On 10/4/2021 at 1:13 PM, Jason Abshier said:

As wacky as it sounds I thought they were joking but they were serious ! Google it for yourself 

This is at least the third time it has been at least somewhat seriously proposed.

 

On 10/4/2021 at 3:46 PM, Revenant said:

they will NEVER do this because of how this could be used the second the shoe is on the other foot.

That is the down side.  Once they do it and find they can get away with it, every time they want to do more big deficit spending (which is all the time on both sides) they will just strike another coin or two and keep going.  Hyperinflation in the past was from countries printing gobs of physical cash, but you can accomplish the same thing with electronic money.

 

On 10/4/2021 at 7:56 PM, zadok said:

why not bring in the clowns

Don't bother, they're here.

 

On 10/6/2021 at 7:23 AM, Jason Abshier said:

why does a coin have to be minted using $1 trillion dollars worth of platinum?

It doesn't have to be $1 Trillion dollar worth of platinum, it just has to BE platinum and have a denomination of $1 Trillion.  It could be a quarter oz. if they wanted it to be, as long as it has $1 Trillion on it.

 

On 10/6/2021 at 2:04 PM, jtryka said:

Well according to the Constitution, Congress has the power to coin money and regulate the value thereof, so it would be in their purview.  But that means Congress would still need to pass it,

Except the law already allows the Secretary of the Treasury to make platinum coins of any size or denomination he choses.  He already has the authority so approval by Congress is not required.

Title 31 Section 5112 (K)

(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.

Edited by Conder101
Link to comment
Share on other sites
Revenant

Revenant

Posted
Posted
On 10/6/2021 at 6:33 AM, Fenntucky Mike said:

The face value of the coin would be $1T, the coin would probably only be as big as it would need to in order to fit that many 0's on it. lol Or the word "Trillion".

I think you'd just get "Trillion," That's the route Venezuela took with the 1 Million Bolivares notes. That's actually the approach most groups take, which is what makes the P-91 Zimbabwean note so unique - they were the only ones shameless enough to put 14 zeros behind a 1 lol to spell it all out!

Incidentally - a random fact I've become aware of in recent reading - apparently the 2003-dated $10 and $25 coins were not released in 2003. They were released in Aug 2008, after the 2nd redenomination, with / alongside the new 2007-dated 3rd dollar banknotes. So instead of being valued at 10 and 25 ZWD, they were valued at 10 and 25 ZWR, which was equal to 100 Trillion and 250 Trillion ZWD. lol

Link to comment
Share on other sites
Revenant

Revenant

Posted
Posted
On 10/6/2021 at 12:31 PM, Jason Abshier said:

I read somewhere the $1 trillion dollar coin was supposed to be 10 feet in diameter and 2 feet thick ! Crazy . No way they would be able to make a coin that big with machinery and cost that would be involved to make it 

I think it was Canada that made some huge gold coin as a 1-off or 2-off design that was a literal museum piece from the start and they sold 1 more of them to a private party. Odd stuff...

Link to comment
Share on other sites
Morpheus1967

Morpheus1967

Posted
Posted (edited)
On 10/6/2021 at 1:31 PM, Jason Abshier said:

I read somewhere the $1 trillion dollar coin was supposed to be 10 feet in diameter and 2 feet thick ! Crazy . No way they would be able to make a coin that big with machinery and cost that would be involved to make it 

I actually just read a story about it.  They would use the dies they use for the platinum eagle.  They would just change the date.

Link to Story  

Edited by Morpheus1967
Added Link
Link to comment
Share on other sites
Jason Abshier

Jason Abshier

Posted
  • Author
Posted

Our country is doomed for the future the most debtful country ,if that is even a word to describe it , which debtful isn’t a word but it should be . Ironic as is sounds when our country was formed they came here for freedom of religion, but also tax burden hardship from the king was another reason fast forward today we are literally taxed on almost everything we touch or own! The day they decided to form politics that’s the day this country was doomed !!!! We will never fix our debt situation fully it will always keep going up and up our money is basically useless 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
0
Go to topic listing