I know that even for small coinage the value we assign to them is arbitrary, but for the public it doesn't matter because it's just change.
If they want to use this solution they need to print a 1 trillion note, that would be in line with the arbitrarily assigned value to the smaller denomination notes.
I won't be shocked if this coin has been stamped there would be a court challenge, especially in terms of the said law's constitutionality.
(Edited because despite having "Depression" in my mind I still typed "Recession". The law was from the last century, not this century.)
Specifically to this case though, they might argue it's violating the so-called "power of the purse", which constitutionally is solely given to the Houses. I'm not sure if it will be enough (given common-law precedent), but I won't be shocked if someone will use this argument.
Unlikely to work. The Appropriations Clause gives Congress control over spending; the debt ceiling only affects money that's already spent per Congressional appropriation.
Congress needs to legislate not just demand the executive / Administrative state do all the things.
People don't question the face value of 1$ given the fact that it's cheap change.
Political opinions aside, it seems obvious to me that the value of the metal content of US coinage is unrelated to the face value.
That sounded so ludicrous that I thought you must be mistaken or exaggerating, but, as with all things currency-related, I think it's impossible to out-absurd the reality.