So we know the proposed $1 trillion coin made of platinum was ultimately rejected by the U.S. Federal Reserve and the Treasury. And no, the proposed coin was not going to contain $1 trillion worth of platinum, but let’s consider for a moment, what it would look like if it did…
Thanks to a quirky law still on the books, the United States government can mint a platinum coin worth any amount. This is how supporters of the proposed coin planned to turn one ounce of platinum, worth about $1,675 today, into a trillion dollars. But were they to use the same dimensions as a U.S. silver dollar, the measurements of a $1 trillion platinum coin would be roughly 80 feet wide and 6 feet thick. Now that’s a lot of platinum! Weighing in at 42,778,918 pounds, this hypothetical numismatic giant would occupy 31,947 cubic feet. In everyday terms, that’s the volume of about 239,000 gallons of milk!
U.S. Mint bullion coins are legal tender that carry face values reflecting their issue and monetized value. However, these face values do not reflect the coins’ intrinsic value, which is, of course, much greater. True value is mainly dictated by a coin’s troy weight and the current precious metal price. For example, the one-ounce American Gold Eagle carries a denomination of $50, but it is comprised of almost $1,700 worth of gold. If a $1 trillion coin were minted in roughly the size of a silver dollar, this relationship would have been reversed. The $1 trillion denomination would have far exceeded the actual intrinsic value of the precious metal.
Currently, American Platinum Eagles come in 1/10, ¼, ½ and 1 ounce versions with denominations of $10, $25, $50 and $100 respectively. These coins were first released in 1997 and are still selling well today. The value of platinum is on the rise, and even exceeded the value of gold recently for the first time in 10 months. Interested in investing in platinum? Come see us at West Seattle Coins and Bellevue Rare Coins. We have a large selection of U.S. Mint products, including platinum bullion.
West Seattle Coins and Bellevue Rare Coins specializes in gold buying and dealing in rare coins. We are a family-owned business that was first established in 1979 and is now located in West Seattle, Bellevue and Lynnwood. We also buy and sell gold, silver, diamonds, currency and jewelry. Visit us first for a free evaluation.
Did you like this post? Share it with your friends or like it on Facebook.
Bellevue Rare Coins, Lynnwood | Located at 18411 Alderwood Mall Pkwy, Suite F, Lynnwood, WA. | Phone: 425-672-2646. | http://www.wscbrc.com.
West Seattle Coins | Located at 4500 SW California Ave, Seattle, WA. | Phone: 206-938-3519. | http://www.wscbrc.com.