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A pictorial history of Vatican money.
As the U.S. government this week hits the legal ceiling of federal borrowing this week, some economists have debated whether America's debt ceiling crisis could be solved by the use of a “trillion dollar coin.”
The idea is that the U.S. Treasury could take advantage of a law permitting it to mint commemorative platinum coins free of the restrictions that apply to paper currency.
Advocates claim that the Treasury could simply mint a coin worth $1,000,000,000,000 and deposit it at the Federal Reserve. The U.S. Congress, so the argument goes, would then no longer need to reach a deal to raise the nation’s borrowing limit – even while Treasury Secretary Janet Yellen says the coin isn't going to happen.
With the spotlight on the trillion-dollar coin, here’s The Pillar’s pictorial history of another unusual form of currency: Vatican money.
Continued below.
www.pillarcatholic.com
As the U.S. government this week hits the legal ceiling of federal borrowing this week, some economists have debated whether America's debt ceiling crisis could be solved by the use of a “trillion dollar coin.”
The idea is that the U.S. Treasury could take advantage of a law permitting it to mint commemorative platinum coins free of the restrictions that apply to paper currency.
Advocates claim that the Treasury could simply mint a coin worth $1,000,000,000,000 and deposit it at the Federal Reserve. The U.S. Congress, so the argument goes, would then no longer need to reach a deal to raise the nation’s borrowing limit – even while Treasury Secretary Janet Yellen says the coin isn't going to happen.
With the spotlight on the trillion-dollar coin, here’s The Pillar’s pictorial history of another unusual form of currency: Vatican money.
Continued below.
Vatican coins in the fountain! A brief history of Church coinage
A pictorial history of Vatican money.
www.pillarcatholic.com
