The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin

businessinsider.com ^ | September 19, 2021 | Andy Kiersz and Joseph Zeballos-Roig

[alexander_busek]

Bullion coins issued by countries have a face value, always less more than the market value of the metal.

There! Fixed it!

Regards,

[ProfessorGoldiloxx]

During Obama’s 8 disastrous years it was suggested to mint two such coins, each worth 1/2 of the then current national debt and deposit the coins at Fort Knox. Everything old is new gain.

[ldish]

CROOKS CROOKS CROOKS! OFF WITH THEIR HEADS OR LOCK THEM UP NOW! CW!!

[married21]

Vibranium!

[Lazamataz]

Whoa.

You nailed it (and educated me, too).

[Vendome]

This stupid idea again...

[Drago]

Call the new $1 Trillion coin “The Amero”!! ;-)

https://www.thebalance.com/the-amero-conspiracy-1345011

[Moltke]

No, just the opposite.

While modern gold coins are also legal tender, they are not observed in everyday financial transactions, as the metal value normally exceeds the nominal value. For example, the American Gold Eagle, given a denomination of 10 USD, has a metal value of more than $800 USD (being around a half an ounce). - wiki

[alexander_busek]

Darn it: You're right! My apologies to the OP, too!

(There is, of course, also the case of certain low-denomination coins costing more to manufacture than their face value - we're talking pennies and nickels, here - but that is a separate issue, and governments have taken measures to correct that.)

Again: Pardon!

Regards,

[hanamizu]

No, threes a lot more silver value in a $1 silver eagle coin, the “$50” gold buffalo has nearly $1750 worth of gold in it.

[cymbeline]

Wouldn’t the government need to buy the platinum? Would that be with borrowed money? I don’t get this workaround.

[Openurmind]

They can find this small loophole but don’t know how to read the words straight forward words in the Constitution?

[Moltke]

No worries...

[ridesthemiles]

Just as phony as the rest of the Biden administration.

[AFreeBird]

Really? So you can go to a bank and get a one oz. gold coin denominated as $100.00 for $100.00?

That’s one serious ROE.

[Vaduz]

Biden’s next great plan is to sell off moon rocks to lower the debt ceiling.

[hanamizu]

Really? So you can go to a bank and get a one oz. gold coin denominated as $100.00 for $100.00?

---

No, but you can go to the bank with a one oz. U.S. gold coin with a face value of $50 and get a nice $50 FR Note. The ROI not so good. Same thing would happen if I took 4 pre-’64 quarters to the bank, they’ll give me a nice $1 bill.