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View Diary: Harvard Law Professor Laurence Tribe: The coin would be perfectly legal (74 comments)

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  •  The coin doesn't (6+ / 0-)

    contain 1 trillion dollars worth of platinum.  Treasury would mint a 1 oz coin and say that it is worth 1 trillion not that it has 1 trillion dollars of platinum.

    It is denominated as being worth 1 trillion dollars.  We are long past any vestige of a hard currency system. (Ever since Nixon took us off the god standard in 1971 (?))

    •  no, it has to have enough (0+ / 0-)

      platinum to qualify as bullion or proof, and of the size and shape of a circulating coin, which is about 30 grams.  Maybe the treasury has this lying around, but probably not.  

      Difficult, difficult, lemon difficult.

      by Loge on Wed Jan 09, 2013 at 11:01:15 AM PST

      [ Parent ]

      •  Chances are they can find it between now (5+ / 0-)

        and when they would need to strike it.

        Actually, from a technical standpoint getting the dies made to strike the coin would likely be a bigger issue.  Although I guess they could just strike a blank, use a magic marker to draw a smiley face on one side and "USA - $1 x 10^12" on the other, and call it a day.


        •  i'm not terribly invested (0+ / 0-)

          in this point one way or the other.  I'm just dreading all of the second guessing of whatever legislation passes to resolve the fiscal mini-cliff on the basis that Obama's a semi-secret conservative for not going with the coin, like what we've seen since 2011 when he didn't invoke the 14th amdnemtn (something Tribe rejected in an NYT op-ed which was, among other things, longer than the e-mail linked above).  As long as there are plausible legal arguments against seeing the coin as a viable option, and i've raised a few as have others, that argument should be invalid.  I don't think Tribe goes so far as to say his is the only conceivable interpretation, just what he sees as the better one.  

          Difficult, difficult, lemon difficult.

          by Loge on Wed Jan 09, 2013 at 02:46:19 PM PST

          [ Parent ]

        •  They could just use a $1 coin die and (2+ / 0-)
          Recommended by:
          pdx kirk, PeterHug

          modify the denomination. They should have one ready for the Teddy Roosevelt $1 coin which will come out this year. (Ronald Reagan's face on the coin might make it even more difficult for the Republicans to object.)

          Of course they would have to be careful not to put the platinum coin in a vending machine by mistake.

      •  1 oz platinum (4+ / 0-)
        Recommended by:
        Miggles, cocinero, pdx kirk, Seneca Doane

        = 28.4 grams

        If it is in troy oz that probably rounds up to about 30 gms.

        Todays platinum spot price $1601 vs $1663 gold price.

        Palladium is $691/oz.

        The coin option is very viable if congress refuses to honor its 14th amdt obligations to protect the full faith and credit of the US.


    •  Yup, Aug. 15, 1971 (1+ / 0-)
      Recommended by:
      pdx kirk

      I was in Madrid at the time and it was bedlam as hotels and restaurants refused to accept either US currency or US credit cards or travellers checks, afraid that the exchange rate would plummet before they could cash them in. So Americans mobbed the American Express office eager to change their money into pesetas. (American Express obliged, if you were their customer -- carrying their travellers checks or credit card.) Within a few days everything settled down and the exchange rates stabilized.

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