Goldback
Fractional gold bullion in a banknote style marketed as a 'Goldback'
From Wikipedia, the free encyclopedia
The Goldback is a fractional gold commercial product marketed as a local currency and commodity which has seen limited use in some U.S. states, and is sold and marketed by Goldback, Inc. of Utah. The Goldback contains a thin layer of gold within a polymer coating equivalent to 1/1000 of an ounce.[1]
- Jeremy Cordon
- Chris Jensen
Goldback logo used as of 2025 | |
| Inventor |
|
|---|---|
| Inception | 2019 |
| Manufacturer | Goldback, Inc. |
| Available | Available |
| Website | goldback |
Overview
Goldbacks are shaped like banknotes but contain a small amount of 24 karat gold. The gold is contained between two layers of clear, decorated polyester. Goldbacks are typically sold in increments labelled 1/2, 1, 2, 5, 10, 25, 50, and 100, each containing proportionally larger amounts of gold. The value of each denomination is derived from the current gold spot price; a 1 Goldback contains 1/1000th of a troy ounce, so its melt value equals the spot price of gold divided by 1,000.[2][3][4] Goldbacks are minted by Valaurum, a private mint.
Valaurum uses a vacuum deposition process to fuse gold together into thin sheets encased in a plastic film designed to hold the gold.[2][5]
Design
Each Goldback features a figure representing a cardinal virtue[citation needed], as well as animals and plants native to the state they are being marketed in. While each series is different in design, they all contain the same amount of gold.[6][better source needed]
History
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The Utah Goldback was released in 2019,[7] with later series for Nevada, New Hampshire, Wyoming, Florida, South Dakota, Oklahoma, and Arizona. The first Goldbacks were made for Utah, partly because the founder and first employees were based out of Utah.
Some individuals and investors have helped front the cost of Goldback manufacturing and series expansion, including Bob Ide for the Wyoming series.[8]
Commercial use
KSL 5 TV, the NBC affiliate of Salt Lake City, reported a small number of local businesses accepting using Goldbacks for everyday transactions.[4]
In association with members of the libertarian Free State Project in New Hampshire, widespread use has been reported of people spending Goldbacks on various goods and services within the state.[9][verification needed]
According to Goldback Inc., as of November 2025, over 3,000 businesses in the U.S. accept Goldbacks as a form of payment.[10]
Legislation
The Goldback has not been adopted by any state government; it is privately issued and developed to be used at the local state level.
In Utah, the Utah State Legislature made gold with a "polymer holder" or "coating" not subject to the state sales tax—specifically any metal that, "...has a gold, silver, or platinum metallic content of 50% or more, exclusive of any transparent polymer holder, coating, or encasement..."[11]
In order to avoid issues with federal counterfeit laws, each Goldback is printed with statements such as, "voluntary negotiable instrument" "for circulation" specific to whichever state the particular Goldback in question was 'printed' for. Also, the text "Privately Issued, Not U.S. Dollar Legal Tender. US & International Patents Pending" appears on each Goldback.[7]
Variations
List of Goldbacks
| Series | Denomination(s) | First printing | Sources |
|---|---|---|---|
| Arizona | 1/2, 1, 2, 3, 5, 10, 25, 50, & 100 |
|
[12] |
| California | TBA |
|
[13] |
| Colorado | TBA |
|
[14] |
| Dallas Fort Worth - Texas | 1 |
|
|
| Florida | 1/2, 1, 2, 5, 10, 25, 50, & 100 |
|
[12] |
| Idaho | 1/4, 3, & 5 |
|
|
| New Hampshire | 1, 2, 5, 10, 25, & 50 |
|
|
| Nevada | 1, 2, 5, 10, 25, & 50 |
|
[12] |
| 1/2 |
|
[15] | |
| Oklahoma | 1/2, 1, 2, 3, 5, 10, 25, 50, & 100 |
|
[12] |
| South Dakota | 1, 5, 10, 25, & 50 |
|
[12] |
| Utah | 1, 5, 10, 25, & 50 |
|
[12] |
| Washington D.C. | 1 |
|
|
| Wyoming | 1, 5, 10, 25, & 50 |
|
[12] |
Silverbacks
Goldback Inc. has also manufactured Silverbacks, containing silver instead of gold. Unlike Goldbacks, they are intended to serve primarily as collectibles.[16]