In response to:
While minting the coin wouldn't be inflationary in itself, presumably the coin would be placed on deposit at the Fed, and Treasury would want to draw against that asset. I don't see any alternative for the Fed other than to increase currency in circulation in response to those drafts. The Fed could sell other assets instead, such as its MBS and Treasury holdings, but that would create problems for managing its other liabilities, namely bank reserves. Either way the result would be inflationary.
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