Utah’s New Gold Money: The Goldback

By Benjamin Shaffer

There is a new kind of money here in Utah, and hundreds of Utah businesses are hoping it becomes the Gold Standard for our local economy. The Utah Goldback looks like a golden ticket, which acts as a thin gold coin that fits in your wallet just like paper bills. While the Goldback will not challenge the primacy of the Greenback, its use is growing fast. It is an Innovation that allows people to use gold for even the smallest daily transactions, and that is propelling a niche local currency into a movement.

Goldbacks started in Utah at the end of 2019, and the project has grown to include four states: Utah Nevada, Wyoming and New Hampshire. With tens of millions of dollars’ worth of Goldbacks already in circulation worldwide, and hundreds of thousands of people and hundreds of businesses using them, more businesses are asking if it’s time to go back to the gold standard with Goldbacks. Over three hundred businesses in Utah are participating in accepting and using this new money. 

Gold has some historical advantages over other kinds of money. It resists inflation and has a long history of remaining stable even when other economic conditions aren’t going as well. At one time, American dollars were on a gold standard, meaning that every dollar in circulation was backed up by physical gold the federal government held. In the 1930s, that system was abandoned, and the U.S. ended the last remnants of the system in the 1970s. The dollar has lost 86% of its purchasing power since 1971, according to U.S. government data. This inflation is really putting a pinch on Utah families and businesses. According to some estimates inflation is the largest tax on the American people.

In response to these pressures and the constitutional power for states to make Gold or silver money, Utah passed a state law making gold and other precious metals legal tender in the state.  

The problem is that regular Gold coins are just too valuable to use, and you can’t make change with them. One U.S. minted gold eagle coin costs you almost $2,000 today, and even if a business wanted to accept it, they’d have to give you change in regular dollars anyway, and probably a lot of it! So, in spite of the benefits of using gold money it was just impractical. 

One Goldback is a thousandth of a troy ounce of pure gold. Made in five beautiful interchangeable denominations, the 1, 5, 10, 25, and 50. Goldbacks are like any other kind of cash, they can be easily spent at hundreds of small businesses or used for private transactions. With an exchange rate today of $3.74 per Goldback, it is cheap enough for any regular purchase from groceries and hardware to large purchases like a car or a home. Tougher than most currencies, Goldbacks survive circulation well, especially when handled with any degree of care. They are waterproof, tear resistant, and the gold inside is fully recoverable. 

Unlike other gold products, Goldbacks are made using cutting edge technology, the Goldback brings the security and stability of the gold-standard out of the past and into your wallet. Goldbacks cannot be counterfeited! Each Goldback bears a unique serial number, coupled with six other anti-counterfeiting security features. Goldbacks can be used for transactions of any size, anywhere that gold is valued. When you have Goldbacks you hold the gold right in your hands! No need to trust a bank or worry about a power outage. 

Over three hundred businesses in Utah are participating in accepting and using this new money. Most of them use a currency conversion calculator with live exchange rates posted daily on Goldback.com. Businesses that want to participate can sign up on the website.

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