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Utah Goldbacks - Any Other Collectors?

 
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Author Previous TopicReplies: 8 / Views: 430Next Topic  
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 Posted 09/13/2020  4:58 pm Show Profile   Check silverstash119's eBay Listings Bookmark this topic Add silverstash119 to your friends list Get a Link to this Message
I've been pretty interested in the concept of the Utah goldback as a fractional gold "paper" currency. I've collected some of them for their gold, and possibly future historic value, but has anyone been successful in using them in the marketplace for purchase or barter? After I collect some more $1 goldbacks I plan on including them with tips and such.... anyone else with experience with these and some examples on how you've used them?
Edited by silverstash119
09/13/2020 5:00 pm
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 Posted 09/13/2020  6:40 pm  Show Profile   Check GrapeCollects's eBay Listings Bookmark this reply Add GrapeCollects to your friends list Get a Link to this Reply
A guy tried to pay with them in store the other day, he was denied.
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 Posted 09/13/2020  6:53 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
@Grapecollects - good story

I agree in a store it'd be hard to use them - probably messes up the accounting...

In addition to tips, I've been thinking about carrying some around and maybe using them at garage sales or things like that. Good way to introduce people to precious metals and such...
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 Posted 09/13/2020  9:37 pm  Show Profile   Bookmark this reply Add Earle42 to your friends list Get a Link to this Reply
I got one when they were giving them away for free as a promotional. I like them a lot. But I am not in Utah or I might try to use them there. I used to live in Chambersburg, Pa where the NORFED dollars were used like regular cash until the illegal FBI raid that shut NORFED down. But I think the NORFEDs had more of an advantage to them b/c a physical and heavy piece of silver is something most people can appreciate whether they know coins or not. The Utah dollars, to people who do not know what they are, could be mistaken as gold colored plastic.
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 Posted 09/13/2020  10:34 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
@Earle42

Interesting, I hadn't heard of NORFED yet. Just looked it up and saw they arrested Von NotHaus, the creator, for "manufacturing coins that resemble US currency". Have they seen all the various silver rounds out there? Lots of them resemble currency.... I'll pause there before I start getting political.... I'll have to see if I can pick one of those rounds up, that'd be interesting to own.

Regardless, I don't believe the fed will allow a gold currency in the hands of the public, but how great would it be if people were able to take wealth into their own hands again, rather than a system based on debt... that's my rant.
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 Posted 09/14/2020  05:28 am  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
My son lives in Ogden and knows I collect paper money. He sent me one as a gift and I keep it in an envelope with other novelty notes. Gold foiled notes have never really appealed to me.

Edited by SteveInTampa
09/14/2020 4:41 pm
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 Posted 09/14/2020  06:39 am  Show Profile   Bookmark this reply Add oriole to your friends list Get a Link to this Reply
Those are interesting and attractive items, but they trade at a very large premium over the gold content. The 50 goldbacks are selling on J&M for over 50% over bullion. it is much more on eBay of course.
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 Posted 09/14/2020  4:31 pm  Show Profile   Check silverstash119's eBay Listings Bookmark this reply Add silverstash119 to your friends list Get a Link to this Reply
@oriole

Yeah I agree about the premium, but there must be a large manufacturing cost in addition to the spot price. I think they should be viewed more as a currency with a certain exchange rate, not necessarily a straight valuation made by gold content like bullion. Like 5 one dollar goldbacks are supposed to trade equally to one $5 goldback, just like exchanging bills, although some are selling them at a much higher premium due to novelty status....

They're still cool to me and I'm collecting at least a couple of each denomination.
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 Posted 09/25/2020  4:26 pm  Show Profile   Bookmark this reply Add suipakpaikungfu to your friends list Get a Link to this Reply
I have a complete set of the Norfed notes and one killer toned silver Norfed round.
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