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 Replies: 12 / Views: 3,307 |
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Valued Member
United States
182 Posts |
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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Pillar of the Community
 United States
8938 Posts |
A guy tried to pay with them in store the other day, he was denied.
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Valued Member
 United States
182 Posts |
@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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Bedrock of the Community
United States
10034 Posts |
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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Valued Member
United States
182 Posts |
@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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Pillar of the Community
United States
4637 Posts |
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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Pillar of the Community
Canada
5239 Posts |
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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Valued Member
United States
182 Posts |
@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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Pillar of the Community
United States
992 Posts |
I have a complete set of the Norfed notes and one killer toned silver Norfed round.
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New Member
United States
4 Posts |
 Goldback may be going big as there will be a Florida Goldback on 2025-01-15. Previously there were only small states with Goldbacks. They have added a new smaller 1/2 note, a 2 note and now a larger 100 note that contains 1/10 Oz of Gold. The artwork has changed significantly as I've seen pre-order sites with the new notes. |
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Pillar of the Community
United States
1780 Posts |
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Pillar of the Community
United States
2460 Posts |
i just received my free 1/2 Florida Goldback:  i opened a new thread on these in the Bullion area, it may get moved or locked. thanks again, Sap, for pointing me to right here. i have no intention of buying these or collecting them. I find it an interesting concept. they certainly are aesthetically pleasing, but- as many others point out- there are way too many issues that render these things as nothing more than a novelty or a gimmick to me. it was a free offer, that's the only reason I have one. i'd honestly rather just deal with actual gold coins. |
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Moderator
 United States
187702 Posts |
Very nice!  |
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Replies: 12 / Views: 3,307 |
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Posted 09/13/2020 6:53 pm
