I do believe that it is legal for the treasury to produce a denomination of $1T coin. Congress can order coins to be made rather than paper money that is run by the FED reserve. It is the second and third order effects that are terrible.
1. if issued how are you going to get change for buying a stick of gum with it (sarcastic but true). Such a coin needs to have the full faith and credit of the US behind such a coin.
2. Our credit rating would be come junk bonds over immediately if we did that.
3. Look at the other nations with hyperinflation printing with 100,000,000 denomination value notes (the the Deutsche Mark for one) that cannot buy a loaf of bread. such a coin would make that scenario more likely
Too many issues for my liking.
Just curious, what happens if someone were to STEAL the coin? Would that make him the richest man in the world? Or would he be UNABLE to even use it anywhere?