Here's some more background on that crazy "trillion dollar coin" idea floated back in 2012/2013.
President Barack Obama almost minted the coin.
On "Pod Save America," a podcast from new media start-up Crooked Media featuring former Obama staffers and speechwriters, Obama was asked what the "scariest moment" of his presidency was.
"I think it was the moment when it seemed that [former Republican House Speaker] John Boehner didn't seem to generate the votes to make sure the US didn't default on our debt," said Obama. "We had to start drafting a speech."
In the midst of the possibility of a government shutdown, Obama said that the administration was considering any number of ways to avoid the shutdown and deal with the national debt. One of the ideas floated, according to Obama, was having the US Treasury mint a coin worth $1 trillion to pay off a good portion of the debt.
"We were having these conversations with Jack Lew and others about what options in fact were available, because it had never happened before," said Obama. "There were all kinds of wacky ideas about how potentially you could have this massive coin."
Obama's idea of the coin may be a bit different from what others discussed at the time. As Bloomberg's Joe Weisenthal (who we should note was fascinated by the idea while at Business Insider) noted on Twitter, you in theory could just mint any size of coin and declare it worth $1 trillion. Obama, however, said he imagined it much larger.
"It was some primitive... it was out of the Stone Age," Obama told the hosts. "I pictured rolling in some coin."
Um, yeah... It would have looked great next to the Yap Stone money at the National Numismatic Collection.
Former Mint Director Ed Moy slapped everyone back to reality with his January 8, 2013 CNBC article, The $1 Trillion Platinum Coin Ain't Worth a Plugged Nickel.
QUICK QUIZ: Who can tell us what a Plugged Nickel is?
Oh, yeah - Dan Carr made this great satirical piece in 2013 (sorry, they're sold out).
For more information, see:
2013 Trillion Dollar "Debt Limit Evasion" Hard Times Token, Silver Proof-like
To read the complete article, see:
Obama: This was the scariest night of my presidency
To read the earlier E-Sylum articles, see:
FORMER U.S. MINT DIRECTOR MOY ON THE TRILLION DOLLAR COIN
FIRM MARKETS FANTASY TRILLION DOLLAR COIN
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization
promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor
at this address: firstname.lastname@example.org
To subscribe go to: https://my.binhost.com/lists/listinfo/esylum
Copyright © 1998 - 2020 The Numismatic Bibliomania Society (NBS)
All Rights Reserved.
NBS Home Page
Contact the NBS webmaster