In 2000, the word "bullion" was replaced with "platinum bullion coins". The Secretary may mint and issue bullion and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time. 5112(k) as originally enacted by Public Law 104-208 in 1996: Thus, if the Treasury were to mint one-trillion dollar coins, it could deposit such coins at the Federal Reserve's Treasury account instead of issuing new debt. § 5112 of the United States Code for the Treasury Department to "mint and issue platinum bullion coins" in any denominations the Secretary of the Treasury may choose. The concept of striking a trillion-dollar coin that would generate one trillion dollars in seigniorage, which would be off-budget, or numismatic profit, which would be on-budget, and be transferred to the Treasury, is based on the authority granted by Section 31 U.S.C. Seigniorage is deposited periodically to the General Fund where it reduces the government's need to borrow. Off-budget receipts consist of seigniorage, the difference between the receipts from the Federal Reserve System from the sale of circulating coins at face value and the full costs of minting and distributing circulating coins. Revenues determined to be in excess of the amount required by the PEF are transferred to the United States Treasury General Fund as off-budget and on-budget receipts. By law, all funds in the PEF are available without fiscal year limitation. All circulating, bullion and numismatic operating expenses and capital investments incurred for the Mint's operations and programs are paid out of the PEF. Proceeds from the sales of circulating coins to the Federal Reserve Banks (FRB), bullion coins to authorized purchasers, and numismatic items to the public and other customers are paid into the PEF and provide the funding for Mint operations. § 5136), the PEF eliminates the need for appropriations. As authorized by Public Law 104-52 (codified at 31 U.S.C. Since Fiscal Year (FY) 1996, the Mint has operated under the United States Mint Public Enterprise Fund (PEF). According to the United States Mint, coinage is accounted for as follows: The issuance of paper currency is subject to various accounting and quantity restrictions that platinum coinage is not. ![]() Legal basis Common obverse of American Platinum Eagle coins, a platinum commemorative United States coin that has been issued in denominations of up to $100 under the authority of 31 U.S.C. The idea gained further traction in late 2021 with propositions by Bloomberg journalist Joe Weisenthal amongst others, amidst the United States debt-ceiling crisis of 2021. Tlaib sought to fund monthly $2,000 recurring stimulus payments until the end of the pandemic. The concept of the trillion-dollar coin was reintroduced in March 2020 in the form of a congressional proposal by congresswoman Rashida Tlaib during the shutdown caused by the COVID-19 pandemic in the United States. After reaching the headlines during the week of January 7, 2013, use of the trillion-dollar coin concept was ultimately rejected by the Federal Reserve and the Treasury. ![]() ![]() The concept gained more mainstream attention by late 2012 during the debates over the United States fiscal cliff negotiations and renewed debt-ceiling discussions. The trillion-dollar coin is a concept that emerged during the United States debt-ceiling crisis of 2011 as a proposed way to bypass any necessity for the United States Congress to raise the country's borrowing limit, through the minting of very high-value platinum coins. Trillion-dollar coin concept design by artist DonkeyHotey Proposed denomination of coinage in the United States
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