What Are Goldbacks And How Are They Made?

A Goldback is a type of voluntary, non-dollar, complementary currency and may be the world’s only circulating interchangeable gold money. Containing fractional amounts of 24-karat gold, the value of Goldbacks is based on the current exchange rate of gold.
Are Goldbacks Legal Tender?

Utah was the first state that Goldbacks were created for, which was made possible by the Utah Legal Tender Act of 2011 and became the first state to accept Goldbacks as legal tender, followed by Nevada, New Hampshire, and Wyoming. While these are not widely accepted as currency everywhere and are not recognized by the United States government, Goldback Notes were originally created with the intent of someday being circulated and commonly used as currency! Today, they offer collectors an innovative way to add fractional 24 karat gold to their collection – a novelty in itself!

Where Are Goldbacks Accepted?

The Goldback is designed to be a local currency within certain regions where a series exists, that being Utah, Nevada, New Hampshire and soon to be Wyoming. They are considered voluntary local currency. A voluntary local currency is a form of money created for local use and has an agreed value by the people and businesses involved in a particular transaction for goods and services, and it is believed that Goldbacks are accepted as high as 50% of small business owners in some states.

Featured businesses in Utah accepting Goldbacks can be found here.

Featured businesses in New Hampshire accepting Goldbacks can be found here.

The History of Goldbacks

Long before the Goldback came into production, in 2011, the most senior partner of the Goldback company Lawrence D. Hilton authored what became the draft for the Legal Tender Act in Utah which allowed for Goldback to be used as voluntary local currency in Utah.

Developed first in Utah and quickly expanded to Nevada and New Hampshire, the idea of the legal tender of Goldbacks came about in April of 2019 as a voluntary local currency whose value is based on the published exchange rate of gold.

Goldback production, which has not been counterfeited, relies on 5th generation vacuum deposition technology from Valaurum. Designs are printed on a sheet of polymer that is then bombarded with atomized gold particles before it is then sealed inside by a second protective barrier of polymer resulting in a beautiful negative image.