In the span of the past hour and a half, TWO different people have emailed me articles on this “trillion dollar platinum coin” thing that’s been circulating around the world wide webs… Of which I actually hadn’t heard of yet outside these two friends emailing me about it (thanks guys!).
I do my best to stay way from politics on this site cuz people tend to get pretty heated up about that stuff (and, admittedly, I never know enough to jump in and debate with anyways! Haha…) but this story was too good to pass up. I mean, trillions of dollars AND coin talk?? It’s like a financial orgy up in here! So let’s get this party started ;)
Here’s the email that made me laugh the most:
I know you like a good coin story so I thought I would send this your way:
In a nutshell, the article says that in order to avoid another debt ceiling standoff at the end of February, the President could order the Dept. of Treasury to produce platinum coins. There is a loophole in the currency laws that says Treasury can assign any value it wants to a platinum coin (the original intent was to allow them to set values for collectible coins) so they could potentially issue a few platinum coins and have their values set at $1 trillion dollars each. These coins could then be used to pay off whatever debts the United States owes if Congress will not agree to pass a bill to do so.
The author also proposes that the President should offer to sign a bill revoking his authority to issue platinum coins as long as that bill also abolishes the debt ceiling which I think would be a pretty pimp move.
As any good Lannister knows, you always pay your debts.
Yeah Game of Thrones!!! Haha… That’s how you get my attention in an email, btw, in case you ever needed to know ;) Just fill it with awesome quotes and a brief summary of the point, and I’ll be much more inclined to respond quicker and happier to your lovely little notes you’ve got there. These 10 page pitches I’ve been getting recently are driving me cuckoo! But I digress…
So, trillion dollar coins. That’s pretty wild, right? Can you imagine if any of those bad boys got out into the public somehow?? You always hear stories of coins leaking hundreds of years ago that are now incredibly rare and valuable (like the 1792 “silver center” penny that was made as an experiment for the gov’t but never released to the public (there are only 14 known to exist, and are worth millions)), so I can’t even imagine what this guy would mean to the coin collecting community. Which I’m proud to say I’m officially a member of now! Just got my 1st year’s subscription to the ANA (American Numismatic Association), baby! Yeah!
Also, it would be funny as hell trying to cash in those coins :) Can you imagine trying to get change back? “Here, Company X – $674,000,000,000 I owe you. Kindly pass me over the change.” ;) They don’t even produce $100,000 bills anymore, so you’re pretty much stuck with $100’s. Unless you wanted to just pro-rate for more services to use up the rest of the trillion, thus putting us even MORE into debt! Haha… what a mess.
Anyways, I thought you guys would find this pretty fascinating if you haven’t heard about it already… Here are the two articles my lovely friends sent me:
- Why We Must Go Off the Platinum Coin Cliff @ Bloomberg
- Trillion Dollar Coins: The Ultimate Debt Ceiling End-Around? @ ABC News
I’ll leave it open for your thoughts now… Please no crazy political rants or obscenities though! I have a shiny little delete button I can use at any time, don’t forget ;) But I WOULD love some smarty pants commentary up in here, so please share your thoughts with us so we can be a little more informed today… These coins seem pretty unlikely to happen in my opinion, but ya really never know!
PS: The cost of a normal platinum coin right now? $1,900.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!