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Analysis | This is the hard deadline for solving the debt ceiling crisis (by minting a $1 trillion coin)

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The short version of the story is that former Delaware Congressman Mike Castle (R) wanted to help collectors of commemorative coins. So in 1995 he introduced legislation that gave the Treasury Department more flexibility in the coins it could produce. That resulted in the Commemorative Coin Authorization and Reform Act of 1995, which empowered the department to “mind and issue bullion and prove 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.”

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