What Are Goldbacks?
Thin Rectangular Gold Coins
A Goldback is a thin flexible rectangular coin that serves as a voluntary, non-dollar, additional means of exchange. Goldback Inc in Utah designed and developed the Goldback in 2019, and the Goldbacks are manufactured under contract by Volaurum Inc in Oregon.
24 Karat Gold
Each Goldback has thin layer of gold that is deposited under a vacuum between two layers polymer film. The amount of 24 karat gold is written on the face of each Goldback. The One Goldback contains 1/1,000th of a Troy ounce of 24 karat gold. The Fifty Goldbacks denomination has 50 times more gold than the One Goldback, or 1/20th of an ounce of gold. So 20 Fifty Goldbacks stacked up, contain 1 Troy ounce of 24 karat gold.
How is the amount of gold verified? The manufacturing by Valaurum, Inc, is monitored and controlled by automated systems, and Goldbacks from each manufacturing run are heated to 2,000F degrees and the remaining gold is measured.
How Are Goldbacks Used?
Barter, gifts, a store of value, retail purchasing, collateral, collecting and the list goes on. For any activity performed for payment, or any item produced for payment, they are candidates for the use of Goldbacks.
A growing number of innovative businesses accept Goldbacks for their goods and services. From hardware stores, to restaurants, repair shops, insurance companies, accounting firms, tire stores, you name it, there is likely a business that will accept Goldbacks. Goldback Inc lists on their website businesses that accept Goldbacks.
Goldback's were first available for sale in August, 2019. Since then, Goldback Inc estimates that about 500,000 people own at least one Goldback, and that the cash value of all Goldbacks created or being created is about $20 million.
Goldbacks are Fungible
An item is fungible when it is mutually interchangeable with items of equal part or quantity. For example oil contracts are fungible. Two contracts for 1,000 barrels of oil each, are equivalent to one contract for 2,000 barrels of the same oil. The barrels of oil are fungible. So too are Goldbacks.
Two Five Goldbacks are equivalent to one Ten Goldbacks. Two Ten Goldbacks plus a Five Goldbacks are equivalent to one Twenty-Five Goldbacks.
Our Goldbacks pricing is fungible, so whether you are buying a total of 15 or 250 Goldbacks from us, you know the price will be 15 or 250 times the current Goldback exchange rate. The current rate changes daily in relation to the market demand for Goldbacks and the price of spot gold.