A practical primer
Gold, divided
down to earth.
Goldbacks solve a physical problem: how to make very small, recognizable amounts of gold easier to hold and exchange.
What is a Goldback?
A precise gold layer inside a durable note.
A Utah Goldback is a privately issued voluntary currency containing a stated weight of 24-karat gold. The gold is protected between polymer layers, while printed artwork and security details make each denomination recognizable.
The format began in Utah in 2019. It was designed to make fractional gold practical at values below those of typical bullion coins and bars.
The basic idea
Three things to understand
- 01
Gold content is proportional
The face denomination maps directly to gold weight. A 10 Goldback contains ten times the gold of a 1 Goldback.
- 02
Exchange is voluntary
Goldbacks are not U.S. dollar legal tender. They may be used when both sides of a transaction agree on the form and value of payment.
- 03
Reference value can move
The published reference rate changes with the Goldback rate. Dealers may quote different buy or sell prices and set their own terms.
Denomination math
One ratio,
across the set.
| Note | Gold content |
|---|---|
| 1 Goldback | 1/1000 troy oz |
| 5 Goldbacks | 1/200 troy oz |
| 10 Goldbacks | 1/100 troy oz |
| 25 Goldbacks | 1/40 troy oz |
| 50 Goldbacks | 1/20 troy oz |
Plain answers
Frequently asked
Are Goldbacks made with real gold?
Yes. Each Utah Goldback contains a stated fractional amount of 24-karat gold deposited between protective polymer layers.
Are Utah Goldbacks U.S. dollar legal tender?
No. They are privately issued voluntary currency, not U.S. dollar legal tender. A seller and buyer may agree to use them in an exchange.
How is a reference value calculated?
The published Goldback reference rate is multiplied by the face denomination. Dealer quotes may differ because of market conditions, premiums, spreads, availability, and other terms.
Do the denominations contain proportional gold?
Yes. A 1 Goldback contains 1/1000 troy ounce, while 5, 10, 25, and 50 Goldbacks contain five, ten, twenty-five, and fifty times that amount.