3 ms·

The "coinage clause" of the Constitution. https://constitution.findlaw.com/article1/annotation37.html https://constitution.findlaw.com/article1/annotation37.ht

by b0in 2y ago

The "coinage clause" of the Constitution. https://constitution.findlaw.com/article1/annotation37.html https://constitution.findlaw.com/article1/annotation37.html > Article I, Section 8, Clause 5 is known as the coinage clause. It gives Congress the exclusive power to coin money. The Supreme Court has also interpreted clause 5 as giving Congress the sole authority to regulate every aspect of United States currency. That supreme court interpretation is from 1820 so it's both "settled law" and "an outdated ruling", depending on who you ask.

cheeseomlit 2y ago
Doesnt that make the fed unconstitutional as well?
- NoGravitas 2y ago
  No, but only because it was officially created by act of Congress: https://en.wikipedia.org/wiki/Federal_Reserve_Act https://en.wikipedia.org/wiki/Federal_Reserve_Act
firesteelrain 2y ago
This doesn't eliminate the penny, just pausing production of it. If he had unilaterally declared the penny no longer valuable then that would be unconstitional and require an act of congress
- Salgat 2y ago
  The distinction you make is irrelevant since both are under Congress' responsibility. The president has no constitutional authority to determine which currency is minted and how much of it is minted.
  - firesteelrain 2y ago
    Secretary of Treasury works for President. https://uscode.house.gov/view.xhtml?path=/prelim@title31/subtitle4/chapter51&edition=prelim https://uscode.house.gov/view.xhtml?path=/prelim@title31/sub... This law does not mandate continuous minting. So I think you are wrong that the Secretary of Treasury does not have the ability to say how much of a coin is produced day to day. Legal scholars, such as Laurence H. Tribe, have noted that U.S. law grants the Treasury Secretary the authority to determine the quantities of coinage necessary to meet the needs of the United States. Therefore, if the Secretary decides that the required amount for a particular coin is zero, they are within their legal rights to stop its production.
dark_glass 2y ago
Congress does not mint coins, and this order does not coin new currency. They are separate concerns.

by b0in 2y ago

cheeseomlit 2y ago

Doesnt that make the fed unconstitutional as well?

NoGravitas 2y ago
No, but only because it was officially created by act of Congress: https://en.wikipedia.org/wiki/Federal_Reserve_Act https://en.wikipedia.org/wiki/Federal_Reserve_Act

firesteelrain 2y ago

This doesn't eliminate the penny, just pausing production of it. If he had unilaterally declared the penny no longer valuable then that would be unconstitional and require an act of congress

Salgat 2y ago
The distinction you make is irrelevant since both are under Congress' responsibility. The president has no constitutional authority to determine which currency is minted and how much of it is minted.
- firesteelrain 2y ago
  Secretary of Treasury works for President. https://uscode.house.gov/view.xhtml?path=/prelim@title31/subtitle4/chapter51&edition=prelim https://uscode.house.gov/view.xhtml?path=/prelim@title31/sub... This law does not mandate continuous minting. So I think you are wrong that the Secretary of Treasury does not have the ability to say how much of a coin is produced day to day. Legal scholars, such as Laurence H. Tribe, have noted that U.S. law grants the Treasury Secretary the authority to determine the quantities of coinage necessary to meet the needs of the United States. Therefore, if the Secretary decides that the required amount for a particular coin is zero, they are within their legal rights to stop its production.

dark_glass 2y ago

Congress does not mint coins, and this order does not coin new currency. They are separate concerns.