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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]

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 1/1000 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

The first run of Utah Goldbacks 2019

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

‘1’ New Hampshire Goldback – Front side (left) and Back side (right)

The Utah Goldback was released in 2019,[7] with later series for Nevada, New Hampshire, Wyoming, Florida, South Dakota, Oklahoma, Arizona, and Idaho. 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]

Since its creation in 2019, there have been over 42 Million Goldbacks produced with a value of over $360 Million. [9]

Commercial use

A “We accept the Goldback” sticker on a point-of-sale machine in Utah

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.[10][verification needed]

According to Goldback Inc., as of April 2026, over 5,000 businesses in the U.S. accept Goldbacks as a form of payment.[11]

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…”[12]

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]

Denominations

Denomination Oz t mg Dimensions
1/4 1/4000 7.78 TBA
1/2 1/2000 15.55
1 1/1000 31.10 2.5 x 4.5 in
2 1/500 61.21
3[a] 3/1000 93.31
5 1/200 155.52 2.5 x 5.0 in
10 1/100 311.03 2.5 x 5.5 in
25 1/40 777.59 2.5 x 6.0 in
50 1/20 1555.17 3.0 x 7.0 in
100[b] [13] 1/10 3110.35

List of Goldbacks

Series Denomination(s) First printing Sources
Arizona 1/2, 1, 2, 3, 5, 10, 25, 50, & 100
  • 2025
 [14]
California 3 & TBA
  • 2026
 [15] [16]
Colorado TBA
  • 2026
 [17]
Dallas Fort Worth – Texas 1
  • 2025
Florida 1/2, 1, 1/LER, 2, 5, 10, 25, 50, & 100
  • 2025
 [14] [16]
1/4
  • 2026
 [18]
Idaho 1/4, 1/2, 1, 2, 3, 5, 10, 25, 50, & 100
  • 2026
New Hampshire 1, 5, 10, 25, & 50
Nevada 1, 5, 10, 25, & 50
  • 2020
 [14]
1/2
  • 2026
 [19]
Oklahoma 1/2, 1, 2, 3, 5, 10, 25, 50, & 100
  • 2025
 [14]
South Dakota 1, 5, 10, 25, & 50
  • 2023
 [14]
Utah 1, 5, 10, 25, & 50
  • 2019
 [14]
Washington D.C. 1 & 1/colorized
  • 2026
 [20]
Wyoming 1, 5, 10, 25, & 50
  • 2022
 [14]

Silverbacks

Goldback Inc. has also manufactured Silverbacks, containing silver instead of gold. As opposed to Goldbacks, they are intended to serve primarily as collectibles.[21]

Design Denomination(s) First printing Sources
Silver Dragons 1
  • 2022
Hades 1
  • 2026
 [22]
Hera 1
  • 2026

See also

References

  1. ^ Brettell, Karen (27 April 2022). “With inflation, gold notes and cards find their way into America’s wallet”. Reuters.
  2. ^ a b Gozenput, Eric (7 August 2020). “The Goldback: An Alternative to Fiat Currency?”. valuewalk.com. Value Walk. Retrieved 18 May 2022.
  3. ^ White, Patrick (12 October 2020). “There are places where gold is paid today”. vezess.hu. Vezess. Retrieved 18 May 2022.
  4. ^ a b Rascon, Matt. “Local ‘Goldback’ currency gaining traction during pandemic”. www.ksl.com. KSL 5 TV. Retrieved 18 March 2022.
  5. ^ Moore, Kim (23 June 2020). “Gold Rush”. oregonbusiness.com. Oregon Business. Retrieved 18 May 2022.
  6. ^ Sharma, Neha (August 27, 2020). “Goldbacks, world’s first currency with pure gold in its bills (and its spendable)”. luxurylaunches.com. Retrieved 20 May 2022.
  7. ^ a b Cordon, Jeremy. “A Brief History of the Goldback”. goldback.com. Goldback®. Archived from the original on March 31, 2022. Retrieved 17 March 2022.
  8. ^ Jean, Renée (17 March 2024). “Hedge Against Inflation? Alternative Currency “Goldbacks” Catching On In Wyoming”. Cowboy State Daily.
  9. ^ “Goldback/Silverback 2019-2026 Mintage/Release Dates”. Goldisback.com. Retrieved 8 May 2026.
  10. ^ Stoll, Shira; King, Alison; Ferrigan, Dan (February 20, 2023). “Life, Liberty and the Pursuit of New Hampshire: An NBC10 Boston Original”. www.nbcboston.com. NBC Boston. Retrieved 25 February 2023.
  11. ^ “The Goldback merchant network just hit 5,000 businesses! This puts us over a third of the way toward our goal of doubling the network in 2026…” PR Newswire. 30 April 2026.
  12. ^ Brammer, Rep. Brady; Bramble, Sen. Curtis S. “H.B. 268 Sales and Income Tax Amendments”. le.utah.gov. Utah State Legislature. Retrieved 3 April 2022.
  13. ^ “The 100 Goldback is Officially Being Discontinued”. Goldback.com. 8 May 2026.
  14. ^ a b c d e f g “Arizona Goldbacks Launch November 18, 2025; Idaho Next in 2026”. Bullion Exchanges. 11 September 2025.
  15. ^ “Surprise! Another New State Series is Launching in 2026!”. Goldback.com. January 2026.
  16. ^ a b “Goldback – 3/LER”. Goldisback. Retrieved 5 May 2026.
  17. ^ “Looking Ahead: What’s Coming in 2026!”. Goldback.com.
  18. ^ “Goldback – Florida”. Goldisback. Retrieved 5 May 2026.
  19. ^ “Goldback – Nevada”. Goldisback. Retrieved 7 February 2026.
  20. ^ “Significance of Colorized/(Spot Color) on the 2026 Washington D.C. Goldback”. Retrieved 15 June 2026.
  21. ^ “A New Silverback is Coming!”. Goldback. 2026.
  22. ^ “Now Available: The Washington D.C. Goldback + the Hades Silverback!”. Goldback. 2026.

Notes

  1. ^ The ‘3’ denomination of Goldbacks are released in limited quantities only.
  2. ^ Launched in 2025 and discontinued in 2026.
  3. ^ The New Hampshire Goldback was officially launched in 2021, however a small number were produced in 2020.