Goldbacks are a novel form of currency that blends the timeless value of gold with the practicality of paper money. Unlike traditional currency, which is often made from a mix of cotton and linen, Goldbacks are crafted from a thin layer of 24-karat gold, 1/1000th of an oz gold foil note.
They are shaped like the U.S. dollar and they contain gold between layers of polymer. Goldbacks are a local, voluntary, non-dollar currency. A voluntary local currency is a currency for local use with an agreed-upon value by businesses and individuals involved in a transaction.
The Goldback® may be the world’s only circulating interchangeable physical gold money. Goldbacks are created in various series to circulate under the applicable laws, and in the jurisdictions of Utah, Nevada, Wyoming, New Hampshire and South Dakota. Each goldbackhas a denomination of one, five, ten, 25, or 50 Goldbacks.
Goldbacks contain .999 fine gold. Producing the Goldback relies on 5th generation vacuum deposition technology. Designs are printed on a sheet of polymer that is then bombarded with the precise amount of atomized gold particles in a vacuum chamber. This 24-karat gold is then sealed inside by a second protective barrier of polymer, creating a beautiful textured negative image.
A Goldback is a unit of measurement. One Goldback is equal to 1/1000th of a troy ounce of 24 Karat gold. One thousand Goldbacks of any combination equal an ounce of gold. They may be bartered with like other forms of non-current money gold anywhere in the world, due to the fact that they carry intrinsic value. They are easier to spend than other forms of gold because they can be used in small transactions and they don’t carry varying premiums.
Unlike most gold products, the Goldback is designed to be used as a currency with interchangeable denominations rather than varying premiums based on gold content. They’re fungible. This means that the fifty denomination (1/20th of an oz) can be traded in for fifty of the one denomination (1/1,000th of an oz).
