WH Press Secretary Refuses to Rule Out Trillion Dollar Coin

Coinosaurus · January 9, 2013 6:59AM

This idea won't die. The press secretary today refused to shutdown the concept.

The press has recently dived into Treasury and Mint law more than we've seen in quite awhile.

Can this raise the overall level of "coin consciousness" to the extent of creating more collectors?

mozin · January 9, 2013 7:26AM

The platinum coin valued at One Trillion Dollars should work well for Obama to spend even more than he does presently. I hope our politicians are able to close this platinum coin loophole before Obama uses it.

Maybe this issue will stir up a little interest in bullion coins, but I doubt it will do anything to make more people become coin collectors.

tradedollarnut · January 9, 2013 7:55AM

I'm curious - but how does the President spend money?

Pokermandude · January 9, 2013 8:02AM

If they ever actually mint a trillion dollar coin... All I can say is the for the US dollar/world leader image...

PerryHall · January 9, 2013 8:03AM

<< I'm curious - but how does the President spend money?

>>

He spends money by signing into law spending bills passed by congress. Also, he is using executive orders more and more.

tradedollarnut · January 9, 2013 8:16AM

<< 

<< I'm curious - but how does the President spend money?

>>

He spends money by signing into law spending bills passed by congress. Also, he is using executive orders more and more. >>

ahhh - so Congress spends the money. Got it.

FaberCastell · January 9, 2013 8:19AM

<< The platinum coin valued at One Trillion Dollars should work well for Obama to spend even more than he does presently. I hope our politicians are able to close this platinum coin loophole before Obama uses it. >>

Actually, if somehow this trillion dollar coin came to fruition, it would not be used for future spending but would simply honor those debts that have already been incurred by the laws that Congress has legislated.

In other words, Congress wants to hold ransom (via the debt ceiling) funds they have already spent authorized by the very laws they have legislated. Small wonder their approval rating hovers in the basement. What is it now... 13%?

droopyd · January 9, 2013 8:30AM

<< Small wonder their approval rating hovers in the basement. What is it now... 13%? >>

At least Congress is more popular than a few things, among them Linsey Lohan and having a meth lab next door to you. Not by much though!

fc · January 9, 2013 8:52AM

<< 

<< 

<< I'm curious - but how does the President spend money?

>>

He spends money by signing into law spending bills passed by congress. Also, he is using executive orders more and more. >>

ahhh - so Congress spends the money. Got it. >>

I say ban tdn for his political posts!

Just kidding.

"The buck stops here" is a phrase that was popularized by U.S. President Harry S. Truman, who kept a sign with that phrase on his desk in the Oval Office. (Footage from Jimmy Carter's "Address to the Nation on Energy" shows the sign still on the desk during Carter's administration.) The phrase refers to the fact that the President has to make the decisions and accept the ultimate responsibility for those decisions. Truman received the sign as a gift from a prison warden, who was also an avid poker player. The ship's motto of the U.S. Naval Aircraft Carrier, USS Harry S. Truman (CVN-75), is also "The Buck Stops Here."[2]

CaptHenway · January 9, 2013 8:54AM

Philip Diehl takes credit for the law that allows the trillion dollar coin. Seems to think it is no big deal.

linky

Overdate · January 9, 2013 9:00AM

Everybody's ignoring many of the issues that REALLY matter:

* Will the trillion dollar coin be included in the 2013 Mint Set?
* If so, will the Mint impose ordering limits?
* Will there be a discount for rolls?
* Will it be worth more in a First Strike holder?
* Will there be fractionals also? (I'm in for a 100-trillionths version.)
* Is it worth flipping, or should I hold it as a long-term investment?

19Lyds · January 9, 2013 9:07AM

<< Everybody's ignoring many of the issues that REALLY matter:

* Will the trillion dollar coin be included in the 2013 Mint Set?
* If so, will the Mint impose ordering limits?
* Will there be a discount for rolls?
* Will it be worth more in a First Strike holder?
* Will there be fractionals also? (I'm in for a 100-trillionths version.)
* Is it worth flipping, or should I hold it as a long-term investment?

>>

Thank You!

Broadstruck · January 9, 2013 9:14AM

<< At least Congress is more popular than a few things, among them Linsey Lohan and having a meth lab next door to you. Not by much though! >>

JJacks · January 9, 2013 9:55AM

<< 

<< 

<< I'm curious - but how does the President spend money?

>>

He spends money by signing into law spending bills passed by congress. Also, he is using executive orders more and more. >>

ahhh - so Congress spends the money. Got it. >>

I don't want to get too deep into politics because that is what the open forum was for, until PCGS closed it! However, TDN appears to be one of those "look away" liberals. For example I had a friend who blamed alot of spending on W. Bush and I said the same thing "...how does the President spend money?" He would go....ahh...ahh. and I would remind him of the Congress spending money. Now whatever side you're on, please get stuff straight - It was not the "Bush Iraq war" or "Bush Tax Cuts". The Congress voted for those items and if you hate them, that's fine, but please understand what is going on in the world. Personally at least, I don't remember W. Bush issuing an executive order demanding the war on Iraq or to spend a trillion dollars. How come some people now saying Obama isn't spending the money because Presidents can't were the first to accuse W. Bush of spending money? And again, if you hate GOP members in the Senate and house, that's one thing, but please put the blame where it belongs. That is all. JJacks

JJacks · January 9, 2013 9:55AM

One more quick thing, if they print a Trillion $ coin, they better not leave Mr. Burns in charge of it!!

Simpsons reference for those who don't know.

JJacks

ambro51 · January 9, 2013 9:58AM

What's Ron Paul think of it?

19Lyds · January 9, 2013 10:04AM

Isn't minting a Trillion Dollar coin by the government the same as you or me writing a check?

While "technically" it addresses the national debt (as long as the Federal Reserve Bank goes along with it) it's sole purpose would be to stave off bankruptcy with the intent of eventually raising the debt ceiling thereby allowing the borrowing or more money.

To me, regardless of what "could occur", the country is already bankrupt if the only way they can address the national debt is by raising the amount they agree to borrow?

Or did I miss something somewhere?

For all the Obama bashers, before you even start, this has been a problem that has been growing and festering since the Federal Reserve System was voted into law and its something that Thomas Jefferson warned against over 230 years ago.

tradedollarnut · January 9, 2013 10:05AM

<< jjacks >>

cool - you got all that from one statement? lol

I have a few coins that I think should be the first trillion dollar coin. If they want them, they can write me a check. And I'll even wait until Congress authorizes the debt limit increase to cash it!

JJacks · January 9, 2013 10:13AM

<< 

<< jjacks >>

cool - you got all that from one statement? lol >>

Hey man, I'm pretty good

Seriously though, I didn't say much - you are obviously defending Obama saying that as President he doesn't spend the money - and that's fine - and I'm reporting that many/most/all liberals blame Bush for the "Bush" tax cuts and wars that were voted on by Congress (and if I remember right, Dems had congress alot of the Bush years?). They had every right and opportunity to vote "nay" - at least be a decent person and stand behind how you or your group voted.

I could say alot more, but again back to coins...

JJacks

tradedollarnut · January 9, 2013 10:22AM

Actually, most Americans blame Cheney [

] but as you say that's a subject for another forum.

cladking · January 9, 2013 10:25AM

<< Philip Diehl takes credit for the law that allows the trillion dollar coin. Seems to think it is no big deal.

linky >>

I just hope the circulating versions in a couple of years are clad.

CaptHenway · January 9, 2013 10:46AM

<< 

<< Philip Diehl takes credit for the law that allows the trillion dollar coin. Seems to think it is no big deal.

linky >>

I just hope the circulating versions in a couple of years are clad.

>>

Can't be. The loophole allowing unlimited denominations only exists for the platinum American Eagle.

Goldbully · January 9, 2013 11:13AM

<< Actually, most Americans blame Cheney [

] but as you say that's a subject for another forum. >>

At least Cheney's boss didn't abuse the executive order priviledge.
I wouldn't be surprised if BO by-passed Congress and created a clueless coin czar to advance this ridiculous agenda.

SeattleSlammer · January 9, 2013 11:42AM

<< 

<< Actually, most Americans blame Cheney [

] but as you say that's a subject for another forum. >>

At least Cheney's boss didn't abuse the executive order priviledge.
I wouldn't be surprised if BO by-passed Congress and created a clueless coin czar to advance this ridiculous agenda. >>

Are these types of posts not in violation of forum rules? I know that I now censor myself because I value my participation here. Yet some folks seem to get away with politically charged posts/snarky comments quite often.

sniocsu · January 9, 2013 12:11PM

SO a trillion dollar coin, huh? What would this thing look like? How much platinum needs to be in it to scale it to current US gov platinum issues?

CaptHenway · January 9, 2013 12:12PM

NBC Nightly News report on the story:

linky

Goldbully · January 9, 2013 12:23PM

<< NBC Nightly News report on the story:

linky >>

Incredibly stupid report!

Staircoins · January 9, 2013 12:25PM

<< SO a trillion dollar coin, huh? What would this thing look like? >>

Justacommeman · January 9, 2013 12:34PM

I can't see this thread getting out of control. MJ

ambro51 · January 9, 2013 12:42PM

Since we have so warped the idea of money to the point only 6% physically exists as coins and notes.. With the remainder being digital 1 and 0. ... I'd believe anything

FaberCastell · January 9, 2013 12:52PM

<< SO a trillion dollar coin, huh? What would this thing look like? How much platinum needs to be in it to scale it to current US gov platinum issues? >>

The government could ignore scaling the coin to current issues and make it any size they want, if I understand the law correctly. It's a loophole that no one caught and it applies only to the platinum bullion issues, I believe.

cmerlo1 · January 9, 2013 1:00PM

I predict someone will discover a very minor doubled die which will cause hoarding of mint boxes.

Overdate · January 9, 2013 5:55PM

<< The loophole allowing unlimited denominations only exists for the platinum American Eagle. >>

The trillion dollar coin will make completing a registry set slightly more challenging.

s4ny · January 9, 2013 9:05PM

Why stop at one trillion dollar coin? Let's pass a law that the Treasury can force any holder of
$1 trillion or more in Treasury debt to accept the new coin in exchange for the debt. Only China
would be affected.

Wait, can we make that a platinum clad coin? Platinum plated zinc?

Which country is getting the best of the deal? We get Gap jeans for the same price as 35 years ago,
flat screen TVs for half the price of a 20" tube TV in 1993, and they get paper.

UtahCoin · January 10, 2013 5:32AM

Will PCGS grade it? Can you get a "First Strike" designation? Will it be limited to one per household? Maybe ANACS and the Home Shopping Network will team up and do a "Flex Pay"

johnny9434 · January 10, 2013 5:32AM

<< 

<< I'm curious - but how does the President spend money?

>>

He spends money by signing into law spending bills passed by congress. Also, he is using executive orders more and more. >>

which is getting out of hand anyway. jmo

Coinsponge · January 10, 2013 5:37AM

<< SO a trillion dollar coin, huh? What would this thing look like?

If they did do it there is no doubt that Mickey Mouse should be on the obverse. Maybe a view of downtown Detroit on the reverse. Here is a trial pattern.

s4ny · January 10, 2013 5:47AM

I think it would be most fitting if the $trillion coin was the size of a type 1
$1 gold. That way the Fed might lose it. We should break with tradition and have Obama on one side and
Boehner on the other side. Neither side would be defined as "heads."

19Lyds · January 10, 2013 6:34AM

<< 

<< Actually, most Americans blame Cheney [

] but as you say that's a subject for another forum. >>

At least Cheney's boss didn't abuse the executive order priviledge.
I wouldn't be surprised if BO by-passed Congress and created a clueless coin czar to advance this ridiculous agenda. >>

Careful now! The wonderful thing about today's information super highway is that it makes it easie-peasie to separate the wheat from the BS.

Personally, I'm not seeing any "abuse" here. BTW, every EO is available through the National Archives.

19Lyds · January 10, 2013 6:44AM

<< SO a trillion dollar coin, huh? What would this thing look like? How much platinum needs to be in it to scale it to current US gov platinum issues? >>

The same amount of precious metal that exists in a 100 dollar bill.

Actually, one ounce would serve the purpose of the coin since the Treasury Department under authority of the law could assign any value they wanted on the coin. I expect that such a coin would get housed right next to the 10 1933 Saints in Fort Knox.

Don't get me wrong, I think the idea is incredibly irresponsible but then it is within the law and as long as the Federal Reserve Bank (a privately owned entity) goes along with it, then it should work. I mean, the goal here is simply to address whats due since there is hesitance to raise the debt ceiling.

On the other hand, such a move just might set the precedent for future "trillion" or "quadrillion" dollar coins. Who knows?

GrumpyEd · January 10, 2013 7:16AM

I wonder if they would mint only one coin.

rhedden · January 10, 2013 7:30AM

Hey, bud. You got change for this thing? What, you've never seen a trillion dollar coin before?

IrishMikey · January 12, 2013 5:59AM

<< 

<< 

<< Actually, most Americans blame Cheney [

] but as you say that's a subject for another forum. >>

At least Cheney's boss didn't abuse the executive order priviledge.
I wouldn't be surprised if BO by-passed Congress and created a clueless coin czar to advance this ridiculous agenda. >>

Careful now! The wonderful thing about today's information super highway is that it makes it easie-peasie to separate the wheat from the BS.

Personally, I'm not seeing any "abuse" here. BTW, every EO is available through the National Archives. >>

OK, let's not start injecting facts into a perfectly good political discussion.

Lakesammman · January 12, 2013 12:02PM

Not sure I follow how this works - just because you do an accounting slight of hand doesn't mean you have the money to spend.

If it were that easy, just make 13 of them and pay off the debt.

Is this effectively a QE3, 4, 5 etc. strategy??

WH Press Secretary Refuses to Rule Out Trillion Dollar Coin

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