Could the United States Mint Produce a Trillion Dollar Coin to Pay Off Federal Debt?

AUSTIN, Texas, Nov. 15, 2022 /PRNewswire/ -- Is eliminating of our national debt as simple as the United States Mint striking coins worth a trillion dollars each? This week on U.S. Money Reserve's "In Conversation," 35^th Director of the U.S. Mint and U.S. Money Reserve President, Philip Diehl and 38^th Director of the U.S. Mint and U.S. Money Reserve's Senior IRA Strategist, Ed Moy discuss one of the most unusual solutions to the national debt.

The U.S. Mint can produce a platinum coin worth one trillion dollars and use it to pay off part of the national debt. Former Director Philip Diehl explains how this provision was created. Watch the following video to learn more.

Philip N. Diehl, 35th Director of the U.S. Mint (1994 ? 2000)
The way it started was a lobbyist for the platinum industry came to me and said, "We'd like to make a platinum coin." And I was looking for an opportunity to demonstrate what the mint could do. And I liked the platinum coin because our competition was the Canadian mint, they dominated the world market for platinum coins, and I wanted to take them on. So, we passed this legislation, authorized it, and within six months of the launch of the coin, we owned the world's platinum market, about 60% to 70%.

So, platinum coins continue to be produced for another 15 years, and in the early 2010s, congress got locked into a showdown that threatened to lead the country into defaulting on its debt. Somebody looked at that law and realized because the law did not mandate what the denomination would be, The Secretary of Treasury could put whatever denomination he wanted on that.

Learn more insights from these mint directors on U.S. Money Reserve's website:

https://www.usmoneyreserve.com/news/executive-insights/

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SOURCE US MONEY RESERVE