Unlocking the Radiance of Utah Goldbacks

Nov 21, 2023 | Industry News, Our Blog

A Modern Spin on an Age-Old Treasure

Gold, a symbol of wealth and prosperity throughout history, has captivated humanity for centuries. In the heart of this fascination lies a modern twist—Utah Goldbacks, a unique and captivating form of currency that seamlessly merges tradition with innovation.

The Cool Factor 

What makes Utah Goldbacks stand out in the world of currency? It’s the cool factor. These bills are not just a medium of exchange; they’re a work of art. Intricate designs, a touch of real gold—weaving together beauty and value in every bill. Collectors, investors, and enthusiasts alike can appreciate the artistry that goes into each Utah Goldback.

Troy Ounce 24K Gold Utah Goldback Example

The Value of Utah Goldbacks

Gold, known for its stability as an investment, takes center stage in Utah Goldbacks. These bills provide a tangible way for individuals to own a piece of this precious metal. In a world where currencies can fluctuate, Utah Goldbacks offer a steadfast and tangible representation of value. 

How Utah Goldbacks Work

Shaped like everyday currency notes, these special bills hold 24K gold safely between layers of clear polyester, adding a touch of art to the gold inside. Each Goldback is like a tiny piece of pure gold magic, representing 1/1000 of an ounce. You can get them in different amounts—1, 5, 10, 25, and 50, with more gold as the numbers go up. Crafted by Valaurum, a big-name mint, using a special process that puts gold in super thin sheets protected by plastic. And it doesn’t stop there—there’s even a cool leather wallet made just for Goldbacks! Started with around US$1,000,000 in gold, now over US$20 million worth of Goldbacks are out there, loved by people worldwide for their gold and collector’s value. From local currency in four places to a global sensation, Goldbacks are bringing the bling everywhere!

Kiosk accepting Goldbacks

The legal status of Goldbacks varies across states since local currencies aren’t covered by federal law. The creation of Utah Goldback was inspired by the Utah Legal Tender Act, allowing the adoption of gold and silver as legal tender in the state. Although not formally adopted by the state, the Utah Goldback is privately issued. Proponents argue it falls under legal tender provisions as it’s gold bullion from a recognized and regulated private mint. This was reinforced by the Utah Legislature on March 25, 2022. They expanded the definition of legalized gold, exempting gold with a “polymer holder” from state sales tax. Yet, future legislation or litigation might be needed to clarify Goldback’s legal limits as state legal tender. Notably, Goldback acts as a note for redemption in U.S. Minted Legal Tender Gold coins at the United Precious Metals Association vaults, backed by legal tender money under state and federal law. The first Goldbacks originated in Utah due to the 2011 legalization of gold and silver as legal tender and the strong culture of precious metals appreciation in the state.

The Founders

Behind this innovative currency are visionaries with a passion for redefining the way we perceive and interact with money. The Goldback is a family of local currencies operating in five U.S. states and launched by Goldback, Inc. in Utah in 2019. Goldbacks contain a thin layer of gold within a polymer coating.

CashMan’s New Project

In an exciting turn of events, CashMan is set to oversee a groundbreaking project. Fifteen new ATM machines will be strategically placed, making Utah Goldbacks more accessible to the public than ever before. These ATMs will bring the radiance of Utah Goldbacks to your fingertips, providing a seamless way to join the ranks of those who value the allure of gold.

Whether you’re a collector, investor, or simply someone fascinated by the timeless allure of gold, Utah Goldbacks offer a tangible connection to a precious legacy. Step into a world where tradition meets innovation and discover the radiance of Utah Goldbacks for yourself.

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