Wed Oct 5, 2016, 02:40 PM
Cyberpunk (4,602 posts)
8 replies, 531 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
US Treasury Mints $20 Trillion Coin (Original post)
Response to rumnrockets (Reply #3)
Fri Oct 14, 2016, 03:35 PM
oflguy (3,944 posts)
8. The government has been making novelty coins for decades
Proof coins, commerative coins, heck, even the oodles of Washington quarters they make that are collected by coin collectors. For every quarter the government mints and is "sold" to a collector, it is income for the government, minus the cost to make the coin.
There is just one small problem with a trillion dollar coin...how does it get into circulation? No Federal Reserve bank in its right mind would accept it. It's only worth would be the value of the raw material in it. No citizen has the kind of money to buy it directly from the US Treasury (like proof coins). Sure, the Federal Reserve accepts pennies, nickels, dimes, quarters, dollars, etc at their stamped value from the mints even though they contain less than that value in bullion, but that is only because they can unload them on the people for face value.
A trillion dollar coin would have no such use.