What are Goldbacks good for?

What's the Point of Goldbacks? The idea behind Goldbacks is to provide a practical, usable form of gold for everyday transactions . Traditionally, gold has been impractical for everyday use due to its high value and lack of divisibility. Goldbacks solve this problem by offering fractional gold amounts.

What is the meaning of Goldback?

The term "Goldback" refers to each unit of the currency and is 1/1000 of an ounce of pure gold . The Goldbacks are issued in "denominations" of 1, 5, 10, 25, and 50, each containing proportionally larger amounts of gold.

What is a Goldback worth today?

The current market price for 1 Nevada Goldback is $3.85 on average .

Are Goldback notes worth anything?

For many investors, Goldbacks are well worth the money . Compared to gold coins and bars, Goldbacks are extremely cheap. In fact, you might be able to buy your first 1 Goldback gold note for less than five bucks.

How much is a $10 Goldback worth?

One Goldback 5 Goldbacks $24.40 10 Goldbacks $48.80 25 Goldbacks $122.00 50 Goldbacks $244.00

Can you use Goldbacks as currency?

Goldbacks are a currency made of actual gold , worth about $4.60 each. They can be used to purchase local goods and services at businesses that accept them.

The main reason people buy Goldbacks is that they contain actual gold. While these bullion pieces resemble the look of legal tender bank notes, they're actually minted with . 9999 fine gold. The precious metal content of a Goldback depends on its denomination.

Investors and collectors buy Goldbacks because they are spendable, physical 24k gold bills, each with beautifully unique designs, available in five denominations. As the first local, voluntary currency, Utah Goldbacks were a huge success, with hundreds of stores accepting Goldbacks for goods and services.

How many states accept Goldbacks?

Goldbacks are accepted by businesses in five main states : New Hampshire, Utah, South Dakota, Nevada, and Wyoming. These states don't call Goldbacks a legal currency, so they aren't backed by any actual governments.

Are Goldbacks worth stacking?

Compared to gold coins and bars, Goldbacks aren't the best investment in the world for gold stackers . High premiums mean that you'll get less gold for your money buying Goldbacks than you would for comparable products like gold coins or gold bars. Still, investment is about more than just profit for some collectors.

Are Goldbacks legitimate?

It is simply gold made into a useable form for trading . They are currently used in five states: Utah, Nevada, New Hampshire, Wyoming and South Dakota. Each of these states have laws in place that let people use gold as legal tender. They are not backed by any state or federal government.

Are Goldbacks becoming more popular?

Over $100,000,000 worth of goldbacks have been made. Goldback adoption continues at an exponential pace, passing another major milestone!

How much gold is in a 50 Goldback?

The largest Goldback available is the 50 Goldback; it is minted with an impressive 1/20th oz of fine gold bullion.

What is the point of buying gold coins?

Throughout history, gold has been seen as a special and valuable commodity. Today, owning gold can act as a hedge against inflation and deflation alike, as well as a good portfolio diversifier . As a global store of value, gold can also provide financial cover during geopolitical and macroeconomic uncertainty.

Are gold coins worth having?

Gold bullion can help you mitigate inflation, retain investment value during times of financial instability, and diversify your portfolio . Still, we always recommend that collectors do their own research before investing in gold coins.

What is a Goldback? (2024)

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What is a Goldback?

The Complete Bullion Resource Center
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Ray James -

May 02, 2022

AGoldbackis a voluntary, non-dollar, complementary currency. Goldbacks are gold foil notes that are crafted with.999 fine gold paint on Aurum, a plastic film designed to hold the gold paint and be durable. The Aurum covering adds an extra level of protection so that the gold foil notes can be easily held and admired. Goldbacks each carry a specific, labeled gold weight, and feature a variety of stunning designs.

Considered the first local, voluntary currency to be made of spendable, beautiful, physical gold, Goldbacks would make a unique addition to any collection, especially for those who prize intricate designs rendered ingold.

Why are Goldbacks Created?

Once upon a time, the United Statesrelied upon both silver and gold coinage, as well as gold notes and silver certificates, as circulating currency to satisfy the needs of commerce. These paper notes were redeemable for gold and silver coins with the United States Treasury. Through the 20th Century, circulating precious metals-based coins and notes were replaced by non-precious metals coinage and Federal Reserve Notes.

TheUtah Goldback,Nevada Goldbackand New Hampshire Goldback are an attempt to legally allow the circulation of gold-backed currencies in states where this has been made allowable through legislation. Goldbacks are often referred to as voluntary local currency.

Regardless if any businesses near you accept them or not, from a collector’s perspective, Goldbacks can almost be seen as works of art immortalized in .999 fine gold. Each design is laden with patriotic symbolism and each note explicitly states the amount of gold it contains.

Utah Goldback Designs

1 Goldback note: contains 1/1000th oz. of gold and features a Native American representation of Prudence, who is depicted with elements common to the Native American tribes within the state of Utah: the Ute, Paiute, Navajo, Iroquois, and Goshute tribes. She symbolizes prudence or being wise in practical affairs, one of the Four Cardinal Virtues.

Nevada Goldback Designs:

1 Goldback note:contains 1/1000th oz. of gold and features a Mary Magdalene representation of Charity.

5 Goldback note:contains 1/200th oz. of gold and features Sophia, representing the Greek goddess of wisdom, Athena.

10 Goldback note: contains 1/100th oz. of gold and features a unique depiction of a not blindfolded Lady Justice who still holds the Scale of Balance, but can see everything.

25 Goldback note:contains 1/40th oz. of gold and features the allegory Fortitude, depicted through the winged goddess of Victory, Nike.

50 Goldback note:contains 1/20th oz. of gold and features the allegory of Liberty, depicted by the goddess Aphrodite.

New Hampshire Goldback Designs:

1 Goldback Note: Contains 1/1000 oz. of gold and features the first appearance of Gratia or Grace on a Goldback. She is depicted as an Abanaki Native American Woman from the Algonquin tribe who have ties to the region.

5 Goldback Note:Contains 1/200 oz. of gold and features the second appearance of Veritas, or Truth, on a Goldback. She is depicted wearing a colonial dress, holding a candle representing the light of truth.

10 Goldback Note:Contains 1/100 oz. of gold features Prospicientia, or Foresight, making her debut on a Goldback. She is depicted sitting on a cannon on the coast of the Atlantic with Fort Constitution looming across the way.

25 Goldback Note:Contains 1/40 oz. of gold and features Fortudine, or Fortitude, making her second appearance on a Goldback. She is depicted earing the military coat of a minuteman.

50 Goldback Note:Contains 1/20 oz. of gold and features Libertas, or Liberty, again making her capstone appearance on a 50 dollar Goldback design. On the New Hampshire issue she is depicted standing in White Mountain National Forest alongside three symbols from the state’s original seal.

How to use Goldbacks?

Goldbacks as a form of voluntary local currency were made possible by the Utah Legal Tender Act of 2011 and other, similar legislation from other states. Certain businesses voluntarily accept Goldbacks in the states of Nevada, Utah, and New Hampshire.

To see participating business in the state of Utah, visit the Goldback websitehere.

ModernCoinMart® and MCM® are brands of Asset Marketing Services, LLC (AMS), https://amsi-corp.com/our-brands/. AMS is a retail distributor of coin and currency issues and is not affiliated with the U.S. government. The coin market is unregulated, highly speculative, and involves risk. By using our website or purchasing our products you agree to ourTerms and Conditions; if you do not agree, do not use our website or purchase our products. Reproduction of website content is prohibited; if you wish to share, please provide the link to the original article or use the share buttons provided.

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Ray James

Writer

Ray James - Coin Author at ModernCoinMart

Ray has been writing for ModernCoinMart for several years. He is an avid collector of coins and appreciator of numismatic and economic U.S. history. He is interested in U.S. type coins, the coinage of Venice, and the coinage of the Latin Monetary Union. His favorite U.S. coins include Peace Dollars, Trade Dollars, Standing Liberty Quarters, Winged Liberty Head Dimes, Carson City issues, and odd denominations. He aspires to join the ...

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What is a Goldback? (2024)

Why are Goldbacks Created?

Utah Goldback Designs

Nevada Goldback Designs:

New Hampshire Goldback Designs:

How to use Goldbacks?

Ray James - Coin Author at ModernCoinMart

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