You're right that coins aren't debt, but that's because the Mint doesn't report to the federal reserve, the report to the secretary of treasury. The only time coins go through the fed is to fund the mint itself. The secretary of treasury cannot increase the coins in circulation
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yeah fair. what my reading of that was that 5111(a) applies to everything in 5112, so the needs thing also applies to 5112(k)
I think the best way to make the point is to reverse the reasoning here again. If that were true they would just use bills
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bills are not done by the mint, they're done by a different part of the treasury, and as I understand it that's a service they provide for the Fed (so this needs congressional approval since it improves debt)
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Right. The mint doesn't have the authority to mint coins. It only does so as directed by the treasury. They do not report to the fed, but they do sell coins to the fed to fund themselves
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The issue here is conflating the treasury with the federal reserve. The treasury in general can't just poof money into existence and dump it in a gov account. The rules for why are slightly different for bills and coins, but the result is that currency goes into circulation
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As opposed to the reserve who can just poof money into existence to provide liquidity for banks... This is all getting far too pedantic honestly. Your original point was correct except for coins being special for the fed. *Commemorative* coins are special for the treasury
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