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I initially thought it works but now think it is not possible.
The Treasury needs a trillion worth of platinum to mint a coin - unlike usual coins. This is because it is a bullion coin as opposed to ordinary coins.
Also the platinum coin is a numismatic coin which needs to be bought by someone other than the Federal Reserve.
I think there is an over-interpretation of "any" in 31 USC § 5112 (k).
Any is as in anything like $50, $100 within other constraints. It doesn't mean the Treasury Secretary can mint a coin with a face value of $1T. He could - provided he has that much of platinum.
Because of Article 1 Section 8… "Congress shall have the Power…To coin Money, regulate the Value thereof…" ….
Doesn't this, in and of itself, give congress broad authority to create money directly? Or are you saying that the Tresury secretary maybe can't create the money, but congress still could?
9 comments:
I initially thought it works but now think it is not possible.
The Treasury needs a trillion worth of platinum to mint a coin - unlike usual coins. This is because it is a bullion coin as opposed to ordinary coins.
Also the platinum coin is a numismatic coin which needs to be bought by someone other than the Federal Reserve.
I think there is an over-interpretation of "any" in 31 USC § 5112 (k).
Any is as in anything like $50, $100 within other constraints. It doesn't mean the Treasury Secretary can mint a coin with a face value of $1T. He could - provided he has that much of platinum.
My reply has nothing to do with platinum but another heavy although more toxic element. Lead
If you haven't read it yet, mother jones article on the Lead-Crime link is fascinating and scary.
http://www.motherjones.com/environment/2013/01/lead-crime-link-gasoline?page=1
Ramanan,
Because of Article 1 Section 8… "Congress shall have the Power…To coin Money, regulate the Value thereof…" ….
Doesn't this, in and of itself, give congress broad authority to create money directly? Or are you saying that the Tresury secretary maybe can't create the money, but congress still could?
JK,
What you say is true.
Provided the Treasury has a trillion dollar worth of platinum to mint a coin.
It is going to be a heavy coin if the Treasury has so much platinum.
So are pennies, nickels, dimes and quarters worth the same amount of the material they are made of?
Nevermind, I re-read your first comment Ramanan.
....well I signed it... rsp,
#862 … even got my sister at #1533 :)
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