The Birth of Spendable Gold
While 10 oz gold bars are ideal for wealth preservation, they're impractical for everyday transactions. Goldbacks solve this problem through innovative technology that makes small-denomination physical gold usable.
Origins: Utah 2019
The Goldback concept was developed to address a fundamental problem: gold is excellent for savings but impractical for spending. A 10 oz bar worth $20,000+ can't buy groceries.
Goldbacks use revolutionary technology that deposits precise amounts of 24-karat gold between layers of protective polymer. The result is durable, tamper-evident notes containing small, usable gold amounts.
Utah launched the first Goldback series in 2019, with denominations of 1, 5, 10, 25, and 50 Goldbacks.
The Technology
Manufacturing involves:
- Depositing 24-karat gold particles onto thin substrate
- Sealing between durable polymer layers
- Embedding intricate security features
- Creating artwork that's beautiful and functional
Each note's gold content is verified through assay, and the design makes counterfeiting extremely difficult.
State Expansion
Following Utah's success, additional states joined:
- Nevada (2020): Mining heritage themes
- New Hampshire (2020): Liberty-focused "Live Free or Die" designs
- Wyoming (2021): Frontier and wildlife imagery
- Oklahoma (2024): Native American and frontier heritage
- Florida (2024): Tropical themes, natural beauty
- South Dakota (2024): Mount Rushmore, Black Hills
- Arizona (2025): Grand Canyon, desert landscapes
Denominations and Values
Each Goldback contains exactly its face value in 1/1000 troy ounce units:
| Denomination | Gold Content | Approximate Value* |
|---|---|---|
| 1 Goldback | 1/1000 oz | ~$4.50-5.50 |
| 5 Goldbacks | 5/1000 oz | ~$22-27 |
| 10 Goldbacks | 10/1000 oz | ~$45-55 |
| 25 Goldbacks | 25/1000 oz | ~$112-140 |
| 50 Goldbacks | 50/1000 oz | ~$225-280 |
*Values vary with gold spot prices and market premiums
Complementing 10 oz Bars
10 oz bars: Wealth storage, portfolio allocation, long-term preservation
Goldbacks: Everyday transactions, small gifts, entry-level gold ownership, practical gold use
Together, they provide complete coverage—bars for storing wealth, Goldbacks for using it.
The Growing Goldback Economy
A developing ecosystem supports circulation:
- Growing merchant acceptance networks
- Exchange services (Goldback to fiat and vice versa)
- Collector communities
- Educational initiatives
Looking Forward
Goldbacks continue to expand, with more states considering adoption. For 10 oz bar investors, Goldbacks offer a complementary way to hold and use gold at smaller scales.