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 Replies: 46 / Views: 6,665 |
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Pillar of the Community
United States
3755 Posts |
Never mind, figured it out.
Edited by smokeriderdon
01/08/2013 10:13 am
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New Member
United States
49 Posts |
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but who said the trillion dollar coin would have any intrinsic value? BoomerSoonerOKU, the OP, did. Quote:
If the intrinsic value would be a trillion dollars... |
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Valued Member
53 Posts |
i bet that Zimbabwe money is worth like 1 penny us
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Bedrock of the Community
United States
17884 Posts |
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but who said the trillion dollar coin would have any intrinsic value?
BoomerSoonerOKU, the OP, did. He said IF it had intrinsic value. I don't think anyone who has floated this proposal has any intention of such a coin having an intrinsic value of any amount. (And this isn't the first time it has been suggested.) |
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Pillar of the Community
United States
3755 Posts |
The only intrinsic value, by definition, would be the value of the weight of the platinum. That's it. A 1909S VDB has the intrinsic value of the weight of the copper. That is all. Everything else is numismatic value, NOT something intrinsic to the coin. Look at it like this, if the penny were worn to the point you could not tell the year or the like, it is now a copper piece. That is intrinsic value.
Sooooo, basically, what this thing is, as I said, a ploy to avoid actually doing something to curb spending. It would absolutely devalue or money immediately. As conder pointed out, this is not the first time this has come up. This has been being batted around like a beach ball at a Buffet concert since mid 2011. At least that is the first *I* know of it being floated. Difference now is there are more idiots latching onto it. Hopefully the level moronity in the majority of the idiots is low enough that this won't happen.
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Valued Member
United States
396 Posts |
A whole lot of really bad things would have to happen before a one trillion US$ note would be printed. (Or a one trillion US$ coin minted.)
Fun to contemplate, but is not a serious idea at this time and I would pretty much guarantee it won't be for decades.
I have a fairly extensive set of Weimar Republic inflated stamps. They took smaller denominations and over-printed with the larger numbers.
One of the nice things about PM coins and medals is their intrinsic value in addition to their numismatic value.
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Pillar of the Community
United States
3755 Posts |
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but is not a serious idea at this time See, there in lies the problem. The people pushing this ARE serious. And there is a disturbingly large number of them. And the hyper inflation bills are a completely different thing than the coin. Those notes were printed in volume for actual use. They would be the end result of minting a trillion dollar coin or 100 and depositing them. The trillion dollar coin idea is in order to deposit them in the fed and POOF, we have more money to spend! They are not an idea for circulating public use money as those notes were. |
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Valued Member
United States
80 Posts |
One thing has always bugged me about the Zimbabwe notes (besides the hyperinflation). Who would ever think that three rocks stacked on top of each other was a good design for a national currency? Just imagine, if Teddy Roosevelt thought our coinage was once "hideously atrocious" what would he think about the Zimbabwe notes?
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Bedrock of the Community
13014 Posts |
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They are not an idea for circulating public use money as those notes were. For now anyway. If were minting trillion dollar coins its only a matter of time before we have 100k bills circulating |
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Pillar of the Community
United States
1228 Posts |
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Valued Member
United States
80 Posts |
How long would the Mint have to produce it if it actually came to be authorized? Would they have time enough to get something substantially different from what they already produce? That is, how big will it be? Will it be dime-sized? The size of a 5 Ounce Quarter, containing ~10 oz of platinum? I wonder what the Mint personnel think of this idea.
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Bedrock of the Community
13014 Posts |
Itd be the size of the pucks or smaller. If its made of a PM its only because it has to be to expose the loop hole
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Pillar of the Community
United States
3755 Posts |
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If its made of a PM its only because it has to be to expose the loop hole
Exactly. To my knowledge, this only applies to platinum. The law says any denomination can be applied to platinum coins. And there is your loop hole. As for the size. Let me clarify something. The amount of metal does NOT have to be a trillion dollars worth. That is where some of you are running of the tracks here. As said, at most it will be a puck size coin. But it could just as easily be the 1 ounce platinum coin now minted only changed to say one trillion dollars. basebal, kind of my point. If this were to happen, our economy would tank. There would not be a single financial institution or country in the world that could trust our money anymore. We would end up kicked into hyper inflation like the rest of those countries were and then we would get the million, billion, trillion dollar notes. Dawg, that rock formation is a national landmark or the like for them. If memory serves, it is in or near the capitol city. |
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Bedrock of the Community
United States
17884 Posts |
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One thing has always bugged me about the Zimbabwe notes (besides the hyperinflation). Who would ever think that three rocks stacked on top of each other was a good design for a national currency? Probably a natural rock formation that is well known in Zimbabwe. And don't knock it too much we put a rock cliff face on the NH quarter (which has since fallen down and is now just a pile of rocks) and we have a quarter coming up that will have a rock arch on it. Then there was the the one, can't remember which that has a pillar of rock on it. Before the ATB series ends I would not be surprised to see some other rock formations as well. Quote:
How long would the Mint have to produce it if it actually came to be authorized? Would they have time enough to get something substantially different from what they already produce? That is, how big will it be? Will it be dime-sized? The size of a 5 Ounce Quarter, containing ~10 oz of platinum? Could be as little as a day. Take a pair of die blanks, punch UNITED STATES OF AMERICA on one and ONE TRILLION DOLLARS on the other, put them in the lathe an reduce the diameter down to the size of the one oz platinum, harden them, and strike a one oz platinum blank. The thing isn't going to circulate so you don't have to worry about the design, how well it will strike up, or the wearing quality. And hopefully one thing you won't have to worry about will be whether or not they will stack well. As I said on another forum, the really bad thing about the trillion dollar coin idea is that our presses strike 750 coins a minute. If they think one coin is good.....wouldn't two or three be even better? Hey strike 16 and pay off the entire national debt! In short once you strike one to get out of your troubles, there will be great temptation to strike more whenever they want to spend more. To me this is a real worrysome possibility. |
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Bedrock of the Community
13014 Posts |
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basebal, kind of my point. If this were to happen, our economy would tank. There would not be a single financial institution or country in the world that could trust our money anymore. We would end up kicked into hyper inflation like the rest of those countries were and then we would get the million, billion, trillion dollar notes. Completely agree, everyone will want their cut and once youve done it once it becomes easier and easier to do it again. It will take necessary changes completely off the table since you can just strike more coins Quote:
As I said on another forum, the really bad thing about the trillion dollar coin idea is that our presses strike 750 coins a minute. If they think one coin is good.....wouldn't two or three be even better? Hey strike 16 and pay off the entire national debt! In short once you strike one to get out of your troubles, there will be great temptation to strike more whenever they want to spend more. To me this is a real worrysome possibility. Exactly. Have a big election coming up punch out a few coins give out a ton of handouts and enjoy the ride |
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Replies: 46 / Views: 6,665 |
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Posted 01/08/2013 10:12 am
