$1 trillion platinum coin, anyone? 1 1

[DSessom]

A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.

https://www.yahoo.com/news/1-trillion-platinum-coin-could-100000669.html

 

[Henri Charriere]

On 5/3/2023 at 7:54 AM, DSessom said:

A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.

https://www.yahoo.com/news/1-trillion-platinum-coin-could-100000669.html

 

Patently ridiculous.

If that's an approach to problem-solving, mint a few and solve the neighborly dispute between Russia and Ukraine, fund the mission to Mars and solve the problems of those willing to risk life and limb to cross the Rio Grande.

If there is anything left over, make it unlawful to drop off feral cats on @RWBs  property.  🤣

[DSessom]

Just for fun, I calculated how much platinum it would take to equal a trillion USD in bullion value. 

That coin would have to weigh 64,330,746 pounds - or 32,166 TONS to actually be worth 1 trillion USD!  To put that into perspective, imagine 9,727 Hummer H2's. That is the equivalent weight that a trillion dollar coin would have to be. LOL 

Edited May 3, 2023 by DSessom
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[Zebo]

On 5/3/2023 at 7:54 AM, DSessom said:

A $1 trillion platinum coin could save the US from economic catastrophe in less than a month. It would be fast, legal, and no bigger than a regular coin.

https://www.yahoo.com/news/1-trillion-platinum-coin-could-100000669.html

 

Reminds me of …

 

[World Colonial]

Another farce

[Jason Abshier]

On 5/3/2023 at 8:17 AM, DSessom said:

Just for fun, I calculated how much platinum it would take to equal a trillion USD in bullion value. 

That coin would have to weigh 64,330,746 pounds - or 32,166 TONS to actually be worth 1 trillion USD!  To put that into perspective, imagine 9,727 Hummer H2's. That is the equivalent weight that a trillion dollar coin would have to be. LOL 

According to the article is a single tiny coin … they claim treasury department and mint can put any money value on platinum coin which is true… goes to show you how some folks are writing articles when it comes to our money system and precious metals .. notice how they say “coin” and not coin”s” … they are talking about one platinum coin with $1trillion face value … 😂 not worth its weight in pure Platinum not at $1trillion , I’ve heard about this $1trillion coin idea before it popped up like 2 years ago or so … now it’s here again , if it does pass (which I doubt it would) I bet you they try to get Biden’s bust on observe of the coin too 

on another note I agree it should be 1 trillion worth its weight in pure platinum 

but all they have to do is get the treasury to mint this tiny platinum coin at $1 trillion then take it to federal reserve deposit and the BAM! the government got $1 trillion dollars to spend ! Sounds like dark magic , that’s our government sleazy as they can get they passed that law a long time about platinum coins can have any denomination put on them regardless of the weight of the coin… 

 

The coin — which wouldn't need to be bigger than an average coin, and can be made quickly — is part of a potential debt-ceiling loophole. The Treasury Department can mint platinum coins of any denomination. That's led to a school of thought that says Yellen should simply mint a trillion-dollar platinum coin and deposit it to pay off the debts until a more permanent solution can be found.

Edited May 3, 2023 by Jason Abshier

[Zebo]

On 5/3/2023 at 12:52 PM, Jason Abshier said:

now it’s here again , if it does pass (which I doubt it would) I bet you they try to get Biden’s bust on observe of the coin too 

Krusty the Clown would be more fitting!

Edited May 3, 2023 by Zebo
Darn autocorrect

[The Neophyte Numismatist]

It would look great in my type set. 

Edited May 4, 2023 by The Neophyte Numismatist

[Fenntucky Mike]

Not this again.  Everytime the Government gets close to the default date someone, politician or journalist, reaches down into the ol' trashcan and pulls this idle threat out.  if they ever do mint a 1 trillion dollar coin I'd just as soon it be 1/64oz platinum. Make it as physically worthless as possible, 

[Henri Charriere]

Don't know what to make of this.  Hard to believe a wheelbarrow and skateboard were used to steal that Giant Gold Maple Leaf from a German museum years ago.  On loan from a private collector, ouch!, it weighed 221 lbs., was 99% pure gold then worth some €3.3M or $4.3M USD.

UPSHOT:  Four adolescents were caught after years of investigation. Two were sentenced as juveniles, one got 3-1/3 yrs. The fourth and last defendant was acquitted. Nothing but incriminating traces of gold were recovered. 

Based on the calculations provided  by @DSessom above, I do not believe a realistic platinum $1T coin "minted" in any semblance of realism in proportion to its gargantuan size could be produced and would serve no purpose if it could--unless skateboards and wheelbarrows are on the leading edge of technology.  🤣

[VKurtB]

Why use platinum? It’s worth much less than either gold OR palladium. Make it from a radioactive element with a large critical mass and long half life. That ought to deter theft. 

Edited May 8, 2023 by VKurtB

[gmarguli]

Unless I'm misremembering, the last time this came up (a few months ago) the Mint said they would not mint the coin and the Federal Reserve said they would not accept the deposit of this coin. Basically, don't look at us to help you out of your own problems. 

[Henri Charriere]

What about the commercial possibilities? Not long after the Canadian "Big Maple Leaf" dated 2007 was stolen from a German museum where it was on display [1 Million Dollars face value (then valued at $4.3 million, which the ringleader of four was fined at sentencing] and weighing 221 lbs., a giant gold bar, flanked by two helmeted security guards was put on public display at a jewelry fair in Nanjing, China in Sept. 2011. Weighing 99.999 kgs., its dimensions (converted from the metrics used) were,  Length: roughly 1 meter (100 cms. or just inches over a yard) Width: 29 cms., or just under a foot, and Depth: 1.8 cms, or 7/10 of an inch. At the time it was valued at 45M yuan, or $7M.

No other information was offered. Instead, readers were informed 345,625,599 stock photos, 360° panomaric images and videos were made available for sale, as follows:

21.99 - personal use, presentations or newsletters;

49.99 - website;

69.99 - magazines and books;

199.99 - marketing package.

I wonder what some of the gifted photographers on this Forum would say about that.