Some economists and financial pundits are now speculating about the U.S. Treasury Department minting a $1 trillion coin.

Is it possible? What would it be made of? Which Federal Reserve vault would it be housed in? Why on earth would the U.S. Treasury mint a $1 trillion coin ... and would would be the after-effects?

Philip Biehl, former director of the United States Mint, tells Axios that just such a one-off coin could be produced by the United States Mint -- within hours.

Economists are evidently considering such a scenario when discussing the current debt ceiling crisis. If Congress turns to the reconciliation process and time runs out on the weeks-long process, a backstop measure might become necessary, i.e. for Treasury to authorize the Mint to produce such a coin.

Diehl ran the US Mint between 1994 and 2000, which already produces a one-ounce Platinum Eagle. He tells Axios that the U.S. Mint has plenty more "platinum blanks" at the ready; only the denomination would need to be changed.

Axios writes as if this is an actual possibility worth debating, saying: "There is no reason for [Treasury Secretary] Janet Yellen not to quietly instruct the Mint director to [plan] a day or two in advance [to strike] a coin ... in minutes at the West Point mint."