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Author Topic: [INFO] The Utah Goldback Reference Thread  (Read 613 times)
geophphreigh (OP)
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October 08, 2019, 01:52:17 PM
Last edit: October 08, 2019, 03:27:45 PM by geophphreigh
Merited by Mitchell (10), krogothmanhattan (10), Lesbian Cow (3), LoyceV (2), phishead (2), minerjones (1), vizique (1), JanEmil (1), tweetious (1), Heisenberg_Hunter (1), anonymousminer (1), Mrstacy (1), hybridsole (1), mortare (1)
 #1

The Utah Goldback
_______________________________________________________________________________ _________________________________________________________________________



The Utah Goldback is a new, voluntary, local currency made from 24k gold. This is a form of local, legal tender that attempts to facilitate transactions with gold in a more practical manner. It is designed to allow smaller value transactions using precious metals, specifically gold. At the time of release, fall 2019, 1 Utah Goldback was valued at $2.60, but can and will fluctuate with gold price. I hope this information, although brief, will be a good introduction for those interested in the Goldbacks. Information in this reference thread is from the UPMA and Goldback websites as well as other third party websites listed and is not meant to be all inclusive or exhaustive.

Free Goldback with creation of United Precious Metals Association (UPMA) account:
UPMA is a Utah based non-profit that offers members gold and silver accounts. It was initially founded by Lawrence Hilton in 2011 as "Citizens for Sound Money" and began offering legal tender gold accounts. In 2012 the name was changed to United Precious Metals Association and still functions to offer legal tender precious metals accounts as it did when formed.
https://www.upma.org

333 S Main St
Alpine, UT 84004
1(888) 210-8488
info@upma.org

How to get Goldbacks:
https://goldback.com/how-to-get-goldbacks

Background (brief):
From 1933 to 1974 US citizens could not legally own gold, some exceptions existed. In August, 1974 US Congress passed a law, 93-373 that repealed the prohibitions on purchasing, holding, selling, or otherwise dealing in gold in the United states or abroad. It was effective on December 31, 1974.  
https://www.congress.gov/bill/93rd-congress/senate-bill/02665

After this law passed, it took several years to begin to introduce gold back as a currency, and generally any coins minted had greater spot value than face value and were difficult to transact in for small purchases or frequent daily use, in spite of gold's inherent value.  After 1974 the first gold coins were not minted until 1985 after Congress passed the Gold Bullion Coin Act of 1985.

Although other local currencies have existed before, it was not until 2011 that an attempt was made to utilize precious metals as currency. Utah was the first to begin to attempt to utilize precious metals as currency. This was proposed by Lawrence Hilton, a Utah lawyer, and eventually brought to Utah legislature by Rep. Brad Galvez. On March 10, 2011 the state of Utah passed the Utah Legal Tender Act, HB0317.
https://le.utah.gov/~2011/bills/static/HB0317.html

This act recognized gold and sliver as legal tender in Utah. This allowed the state and individuals to transact directly in gold and sliver without paying capital gains taxes. This now allowed gold and silver to be used as more than a store of value, however transactions in precious metals was still cumbersome due to their value. Although Utah was the first to recognize gold an silver as legal tender, numerous others have adopted this concept including: West Virginia, Wyoming, Arizona, Kansas, Oklahoma, Texas, Indiana, Missouri, Louisiana, Tennessee and South Carolina.

The Utah Goldback attempts to solve the issue of divisibility for precious metals. Goldbacks are printed by a company called Valaurum (https://valaurum.com). They have developed a process using electrolysis to embed fractions of an ounce of gold between polymer layers.   This allows for very small fractions of precious metals to be securely be transformed into easy to use gold bills. Goldbacks have been printed and released in the fall of 2019 and are now available for purchase and use.

_______________________________________________________________________________ _______________________________________________________________________________ ___________

Goldback Denominations

At the time of initial release, fall of 2019, five denominations were printed. 1, 5, 10, 25 and 50 notes. Below are images of the notes front and back, brief descriptions of each note, and the approximate value in USD at the time of release:

_______________________________________________________________________________ _______________________________________________________________________________ ___________
1 Goldback


1/1000th troy oz. 24k gold
Size: 2.5 x 4.5 inches / 6.35 x 11.43 cm
Border Color: Green
Aprox USD: $2.60
Bill text: "Prudentiae" - discretion, foresight, prudence

_______________________________________________________________________________ _______________________________________________________________________________ ___________
5 Goldbacks


1/200th troy oz. 24k gold
Size: 2.5 x 5.0 inches / 6.35 x 12.70 cm
Border Color: Blue
Aprox USD: $13.00
Bill text: "Veritas" - truth

_______________________________________________________________________________ _______________________________________________________________________________ ___________
10 Goldbacks


1/100th troy oz. 24k gold
Size: 2.5 x 5.5 inches / 6.35 x 13.97 cm
Border Color: Red
Aprox USD: $26.00
Bill text: "Justitia" - equality, justice

_______________________________________________________________________________ _______________________________________________________________________________ ___________
25 Goldbacks


1/40th troy oz. 24k gold
Size: 2.5 x 6.0 inches / 6.35 x 15.24 cm
Border Color: Orange
Aprox USD: $65.00
Bill text: "Victoria" - victory

_______________________________________________________________________________ _______________________________________________________________________________ ___________
50 Goldbacks


1/20th troy oz. 24k gold
Size: 3.0 x 7.0 inches / 7.62 x 17.78 cm
Border Color: Purple
Aprox USD: $130.00
Bill text: "Libertas" - liberty, freedom


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October 08, 2019, 02:05:08 PM
 #2

Thank you for making this thread geophphreigh!

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October 08, 2019, 02:40:29 PM
 #3

Has anyone ordered any goldbacks yet?

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October 08, 2019, 04:01:35 PM
 #4

Has anyone ordered any goldbacks yet?

Tried but failled to register @UPMA, no option for residents outside the US it seems.

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vizique
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October 08, 2019, 04:15:22 PM
 #5

Has anyone ordered any goldbacks yet?

Tried but failled to register @UPMA, no option for residents outside the US it seems.

I registered and got a 1 Goldback just fine and I'm in the UK.
No fancy rerouting or 3rd party was involved

Cant see where to get the other "notes" though...

Viz
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October 08, 2019, 05:32:16 PM
 #6

Has anyone ordered any goldbacks yet?

Tried but failled to register @UPMA, no option for residents outside the US it seems.

I registered and got a 1 Goldback just fine and I'm in the UK.
No fancy rerouting or 3rd party was involved

Cant see where to get the other "notes" though...

Viz

Cant register with a 4 digit zipcode, need to be 5 at least.
I think they are not on the site available. From their FAQ:

Where can I buy these?
The United Precious Metals Association is the first retailer offerring the Goldback before October 1st of 2019. You would need to call in to pre-order some or to make a small purchase. Only 1s and 5s are available now. There will be a published list of other retailers after October 1st, 2019.

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October 08, 2019, 05:46:13 PM
 #7

check ebay

Viz
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December 21, 2019, 05:20:16 AM
 #8

Is the mintage just like fiat's? They'll just keep printing them? All I could find on their website was "128,000+: Number of the “one” Goldback denomination created in the first production run."
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December 21, 2019, 06:28:58 AM
 #9

 Are there any limited edition products. The company is sending free Goldback Denominations all over the world.So this is not a collectible item
 
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December 21, 2019, 10:10:12 AM
 #10

Are there any limited edition products. The company is sending free Goldback Denominations all over the world.So this is not a collectible item
 

They only send the 1 dollar notes. Not any of the others.

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December 30, 2019, 08:14:06 AM
 #11

Is the mintage just like fiat's? They'll just keep printing them? All I could find on their website was "128,000+: Number of the “one” Goldback denomination created in the first production run."

No, they are limiting these.
There is a set amount for each denomination.
From their webpage, the 50 will have around 2000 produced. (https://goldback.com/news/the-50-goldback-is-now-available)
And this first run of notes has a value of about $1.1 million, so however that works out in terms of ounces of gold, etc Cheesy

Are there any limited edition products. The company is sending free Goldback Denominations all over the world.So this is not a collectible item
 

Then these are not for you.


 
 
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August 05, 2022, 06:06:16 PM
 #12

Is the mintage just like fiat's? They'll just keep printing them? All I could find on their website was "128,000+: Number of the “one” Goldback denomination created in the first production run."

I am interested in mintage numbers too. They have several states minting these now, but no info on how many are being made.

!ooh
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August 05, 2022, 06:15:09 PM
 #13

Is the mintage just like fiat's? They'll just keep printing them? All I could find on their website was "128,000+: Number of the “one” Goldback denomination created in the first production run."

I am interested in mintage numbers too. They have several states minting these now, but no info on how many are being made.

They have also updated the notes.. so 2021 versions are different than the 2022 versions
Was a link somewhere.. maybe Instagram

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August 05, 2022, 06:29:13 PM
Merited by Abiky (1)
 #14

I absolutely love these things, I got a bunch of both the UTAH and NEVADA Goldbacks!



I was a silver/gold bug before being won over by Bitcoin!
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August 05, 2022, 06:44:41 PM
 #15

Damn these things have turned tides  Grin seems like it is going well!

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August 05, 2022, 07:39:00 PM
Merited by Abiky (2), polymerbit (1)
 #16

I just wish they would do some joint project with Polymerbit... A Goldback Bitcoin paper wallet would be so cool!
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August 05, 2022, 07:55:34 PM
 #17

Been wanting to grab some of these for ages now but can't bring myself to pay the premiums on them. Would be interesting if they came out with silver backs.
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August 06, 2022, 01:47:47 AM
 #18

Glad to see this thread still alive, I had forgotten about it.
In addition to Utah there are now there are Nevada and New Hampshire Goldbacks.
Wyoming were just released presale this week I believe.

Will have to update the thread with some new pictures of the other states' notes. I have Nevada and New Hampshire, waiting on Wyoming now.

Geo
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August 06, 2022, 01:50:44 AM
 #19

Glad to see this thread still alive, I had forgotten about it.
In addition to Utah there are now there are Nevada and New Hampshire Goldbacks.
Wyoming were just released presale this week I believe.

Will have to update the thread with some new pictures of the other states' notes. I have Nevada and New Hampshire, waiting on Wyoming now.

Geo

Don't forget that the 2022 Utah notes have an updated design!! Cheesy
https://www.youtube.com/watch?v=F6c9yvjR8PA
https://www.goldback.com/news/2022-utah-design-changes-and-more-updates

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August 06, 2022, 10:28:36 PM
 #20

I just wish they would do some joint project with Polymerbit... A Goldback Bitcoin paper wallet would be so cool!

It's funny you mention this. In November 2019 I actually flew to Utah to speak with the founders of Goldback Inc. about a collaboration project.

I got a tour of their offices and we spoke in length about various ideas.

I have some notes from them that are from before goldback  Cheesy

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