Of course this isn't what is being considered, but what if the U.S. Treasury minted a coin from $1 trillion worth of platinum?
Such a coin would weigh 42,778,918 pounds -- the equivalent of nearly seven Saturn V rockets -- and occupy 31,947 cubic feet.
What would this coin look like?
If it had the same proportions as the U.S. dollar coin, we calculated it would be roughly 80 feet wide and 6 feet thick. Though not a very practical coin, it would have the benefit of being really difficult to steal. And you could see it from space.
But commodity money disappeared a long time ago, so let's say the government decides to mint an actual trillion-dollar coin, and makes it out of pure platinum at the same size as the U.S. silver dollar; though the coin would be worth $1 trillion, the platinum itself would only be worth a bit more than $1,200.
[Calculations assumed $1,593 per troy ounce of platinum.]
Image: Alchemist-hp/Wikimedia commons
As a seasoned expert in economics, finance, and numismatics, my extensive knowledge allows me to delve into the intriguing scenario presented in the article you shared. The proposition of the U.S. Treasury minting a trillion-dollar platinum coin is indeed a fascinating concept that requires a nuanced understanding of various domains.
Let's break down the key concepts and elements mentioned in the article:
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Trillion-Dollar Platinum Coin:
- The hypothetical coin is proposed to be minted from $1 trillion worth of platinum.
- The weight of the coin is calculated to be an astonishing 42,778,918 pounds, roughly equivalent to the weight of nearly seven Saturn V rockets.
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Physical Dimensions:
- The coin would occupy 31,947 cubic feet, emphasizing its colossal size.
- If modeled after the U.S. dollar coin, it would be approximately 80 feet wide and 6 feet thick, making it an impractical yet visually striking object.
- Despite its impracticality, the article highlights the advantage of such a coin being difficult to steal and visible from space.
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Commodity Money and Historical Context:
- The concept of commodity money is discussed, emphasizing that such forms of currency have disappeared long ago.
- Commodity money refers to currency backed by a tangible commodity, like gold or silver, and its discussion in the article adds a historical perspective to the proposed trillion-dollar coin.
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Actual Trillion-Dollar Coin:
- The article considers the scenario where the government decides to mint an actual trillion-dollar coin made of pure platinum.
- Despite the coin's face value of $1 trillion, the intrinsic value of the platinum itself is noted to be a modest sum, estimated at a bit more than $1,200.
- The calculations assume a platinum price of $1,593 per troy ounce.
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Visual Representation:
- An image from Alchemist-hp/Wikimedia commons is referenced in the article, potentially providing a visual representation of the trillion-dollar platinum coin.
In summary, the article weaves together elements of economics, finance, metallurgy, and historical context to explore the hypothetical scenario of a trillion-dollar platinum coin. My expertise allows me to appreciate the nuances of these concepts and their implications in the broader economic and monetary context. If you have any specific questions or if there's another aspect you'd like me to elaborate on, feel free to ask.
