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Make the debt collectible.

Instead of minting a one trillion dollar platinum coin, mint 9 copies of a one-hundred-billion dollar platinum coin, 99 copies of a one-billion dollar platinum coin, 990 copies of a one-million dollar platinum coin, and 10000 copies of a one-thousand dollar platinum coin (it adds up to one trillion if I did my math right), and allow them to be purchased by collectors at face value plus the cost of the metal itself.  If no one buys them, they stay on deposit with the federal reserve.

The power to coin platinum is meant for collectors, so just minting a coin as an accounting trick might not be kosher with the courts. The idea of selling collectible debt-limit coins neatly works around that concern and allows interested parties to collect a memento of this crazy time. If some multi-billionaire wants to buy a platinum coin worth one billion dollars just because s/he can? Fine.

The tea party has gold, the rest of us can have platinum.

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Comment Preferences

  •  I think you did the math right. (1+ / 0-)
    Recommended by:
    cynndara

    (I've had a pitcher of beer and a pizza, and I did it in my head, so I can't guarentee it.)

    I'll take a 1,000 dollar paltinum coin.

    It'll be a cool conversation piece.

  •  What makes you think that the (1+ / 0-)
    Recommended by:
    Neuroptimalian

    numismatic community would have interest in million dollar modern coins? For a rte coin to attain that value (and some do) it must be both rare and desirable. Like a 1913 nickel, or 1804 dollar, or 1792 pattern half dime. Nobody is going to pay one million dollars for a coin simply because the mint prices it there.

    •  doc2, there's always an exception "Oh Canada!" (0+ / 0-)

      clearly - there are dumb folks everywhere even in Canada

      True, this is no lightweight coin, but the Canadian mint took orders for five of the behemoths in 2007.

      Even though the big coin has a face value of $1 million, it won't sell for that. At current prices, the coin's 3,215 troy ounces of gold are worth well over $2 million.

      A mint spokesperson said the coins will sell for between $2.5 million and $3 million. So far, the mint has received confirmed orders for five coins.

      •  But that's different. Those coins (1+ / 0-)
        Recommended by:
        ItsSimpleSimon

        are worth millions from the bullion value alone. This diary is suggesting the creation of coins with little bullion value, so that all the value is in the collectibility. I know rare coins, and something like this would not merit anything like a million dollar valuation. Collectors don't like to be manipulated.

  •  Then there would be enough... (0+ / 0-)

    ... coins to include the Ikea Monkey on the face of one.

    "The difference between truth and fiction is fiction has to make sense." Mark Twain

    by jeweler444 on Sat Jan 05, 2013 at 07:30:54 AM PST

  •  Why platinum (0+ / 0-)

    Unless, the collector is able to return the coin to a bank in exchange for a billion dollar, why not save some money & make it out nickel or copper or whatever?

    If the coin's intrinsic value is anyway going to be ridiculously low as compared to the money paid for it - how does it matter what it is made of?

    By the way, if this coin actually sells, then we will get a count of how many stupid multi-billionaires there exist. I would think zero.

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