Goldback Launches Florida Series With New Denominations

Goldback is set to release the Florida Goldback Series with three new denominations. (i.e., 1/2, 2, and 100).

Goldbacks are a neat form of fractional gold — made with a small amount of physical gold embedded within a polymer sheet. The note-shaped gold products could serve as “an inflation-resistant” currency, just as silver coins, rounds, and bars also allow for small everyday transactions.

A 1 Goldback contains 1/1000th troy ounce of pure 24-karat gold. At the current price, the exchange rate for 1 Goldback is around $5.46

There’s a cost involved in manufacturing gold into such a small increment, but it’s important to mention that $5.46 is roughly 100 percent over the melt value of the gold that a One Goldback note contains. That’s one reason why it probably doesn’t make sense to buy a ton of them. Buy the more cost-effective bullion coins, bars, and rounds for bigger money.

There are currently about $200 million worth of Goldbacks in existence so far.

The Florida Goldback will make the sixth series of notes, joining Utah, New Hampshire, Nevada, Wyoming, and South Dakota. The Florida series will have the typical denominations (1, 5, 10, 25, 50) along with the new 1/2, 2, and 100 Goldback denominations. Goldback said it is expanding the currency to offer “greater flexibility” and to offer “more versatility for users.”

While each Goldback series references a state, it’s important to make clear that they are not state-issued currencies. Imprinting a state name on the note does not give it any legal standing — it’s just a marketing thing. Using Goldbacks is essentially a voluntary barter transaction.

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