** This is an update to our original article and blog post dated September 4, 2022. Revised New Hampshire and Nevada Goldbacks were added in 2023. This article is updated again on December 12, 2024, for South Dakota and Florida. Check out the addition of the Silverback!
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Goldback Note
This is a friendly reminder that Goldbacks can serve as a means of currency within specific states and investment. Over the last 48 months, demand for Goldback Notes has increased, and their usage as both a currency and investment has also increased during that time. When the spot price of gold exceeded $2,000 per troy ounce in May of 2023, the value of the bills increased, and those individuals holding Goldbacks saw their Goldbacks increase in value. Businesses also saw an influx of these bills being used as currency as their increased worth was purchasing more household goods than the traditional U.S. Dollar.
We've seen a significant increase in demand for the Goldbacks. Whether buying to hold for the value of Gold infused into the bills, purchasing for gifts, or to use as the U.S. Dollar gets deflated and purchases fewer products during inflationary times, you will surely enjoy having these unique items in your collection.
Goldback Note: What are They?
What are Goldback Notes? They are both a local denomination of currency and a gold-infused investment. They are not a U.S. Dollar and are only accepted in certain stores and locations.
If you are an investor in the gold or silver niche, you may have seen or heard about Goldback Notes in the past few years. Since 2019, Goldbacks have been in production and formed for investment and currency. Goldbacks for the first five states were produced in denominations of 1, 5, 10, 25, and 50 bills, and each bill has a small percentage of gold inlaid in the design.
Newly added for 2025 is the Florida Goldback. This new bill will have three additional denominations. You can get the Florida Goldback in the new denominations of 1/2, 2, and 100 along with the 1, 5, 10, 25, and 50 that have been traditionally printed for the other states. These are exciting new options, giving individuals even more payment options.

There are several unique aspects of the Goldback Note. They are infused with a precise amount of atomized gold particles in a vacuum chamber and overlayed with lamination.
Initially, there were only four states represented in the Goldback Series they were Nevada, Utah, New Hampshire, and Wyoming. However, recently South Dakota and Florida have been added to the series. How many states are featured? There are six Goldback notes by state and one silver Goldback.
Each series has a unique artistic design and rendering with significant purpose and history. The Goldback is produced to be a legal tender, these bills have also increased in value since initially manufactured in 2019 due to the value of gold increasing and demand for the product.
Given the amount of gold in each Goldback, the Goldbacks themselves are considered to be an investment similar to that of a gold coin, bar, or round.
A single Goldback is 1; if you have a 50 Bill, you have Goldbacks. These bills are privately issued and are not U.S. Dollar Legal Tender. The bills also state they are Voluntary Local Currency for the state each series represents.
Pure 24k Gold
Originally, there are 5 Goldback Denominations (1, 5, 10, 25, and 50). Each Goldback denomination receives a precise measurement of Gold based on a troy ounce
1 has 1/1,000th troy ounce of gold
5 has 1/200th troy ounce of gold
10 has 1/100th troy ounce of gold
25 has 1/40th troy ounce of gold
50 has 1/20th troy ounce of gold
Manufactured by Valaurum
Produced to be a means of currency that has physical gold imprinted and therefore it also doubles as an investment.
As a means of currency, the Goldback's come in denominations that can transact at the smallest price point. Unlike bullion or gold coins you don't need to have hundreds of dollars to make change in a small transaction. The denominations can be traded or used as a means of payment. Using Goldbacks is like payment with U.S. Dollars. However, each one is worth a little more than a typical dollar.
Featured Series
There are now five in circulation series of Goldbacks on the market. The Florida Series will be out soon (expected in 2025); Utah was first produced in 2019, Nevada and New Hampshire were started in 2020, Wyoming Series was available in 2022, South Dakota Series came online in 2023, and you will be able to get the Florida Series in 2025.
Each Series has its own design and story. The goal of Goldbacks is "to promote an inflation proof currency to protect the spending power of families and individuals at any income level."
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Where to Buy Goldback Notes?
You can acquire Goldback Notes in the states represented or you can purchase them through Birch Gold or Money Metals Exchange. Purchasing Goldback Notes is means to hedge inflation and take advantage of the gold market.

Birch Gold
Birch Gold is an online retailer that offers the purchase and sale of gold bullion. They have various types of gold and silver and are on our Top 5 Best Gold IRAs List. Recently added to their lineup is Goldbacks and therefore they are in our top 3 best places to buy Goldbacks list.

Money Metals Exchange
Here is an online retailer of gold and silver coins, bars, and rounds. In addition to the standard gold and silver products, you can purchase Goldbacks at Money Metals Exchange.
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In this time of economic uncertainty, we are all challenged to diversify our portfolios to ensure we have enough savings for retirement. One method of diversification is acquiring assets such as gold and silver, that appreciate over time.
One way to diversify a portfolio is to buy physical assets such as gold or silver coins or bars.
If you are retired or nearing retirement, acquiring precious metals using a retirement account such as a Self-Directed IRA or Gold IRA is an excellent choice.
An SDIRA can be funded like other IRA accounts using earned income during the prior calendar year. Alternatively, you can contribute more by rolling over retirement funds from an existing IRA or previous employer's 401K.
That being said, if you're searching for more information on which Gold Dealers might be best for you, take a moment to review our article 5 Best Gold IRA Companies and get more details of the top Gold and Silver IRA dealers available.
Our #1 recommendation is currently Goldco. They'll provide you with the best FREE information source, and their goal is to educate clients on diversifying retirement savings. Start educating yourself TODAY by reading their free kit; click the link below.
Silver Dragons Silverback
In 2022, a limited supply of 1,000 Silverback dollars was produced. The special purple Silverbacks are only available from three distributors initially and as a limited edition. The expectation is the price will rise on these unique collectibles.

Goldback Series and Art
Utah Goldbacks

The original Goldbacks were printed in 2019 and are still in production. Utah was the first Goldback, primarily due to the Utah Legal Tender Act in 2011, but also because Goldback home is based in Utah. The One Goldback is featured by the Virtue Prudentiae (Prudence). The Five Goldbacks features Veritas (truth). The Ten Goldbacks features Justitia (Justice). The Twenty-Five Goldbacks features Victoria (Victory). The Fifty Goldbacks features Liberty (Libertas).
Nevada Goldbacks

Started printing in 2020 after the success and demand for the Utah Goldbacks. Nevada Goldbacks were advocated by investor Mark Voelker. Nevada Series design includes the One Goldback and features Caritas (Charity). The Five Goldbacks features Sophia. The Ten Goldbacks features Justitia (Justice). The Twenty-Five Goldbacks features Fortitudine (Fortitude). The Fifty features Liberty (Libertas).
New Hampshire Goldbacks

Started printing in 2020 and was released in 2021. The New Hampshire Series is themed on the Revolutionary War and this series was started by the Free State Project. The One Goldback features Gratia (Grace). The Five Goldbacks features Veritas (Truth). The Ten Goldbacks features Prospicientia (Foresight). The Twenty-Five Goldbacks feature Fortitudine (Fortitude). The Fifty Goldbacks features Liberty (Libertas).
Wyoming Goldbacks

The newest Goldbacks Produced in 2022 and available to the public after September are the Wyoming Goldbacks. This series artist is Annette Anthony and this series was entirely funded by residents of the State in 2021. The One Goldback features Reverentia (Reverence). The Five Goldbacks features Audentia (Boldness). The Ten Goldbacks features Fiducia (Trust). The Twenty-Five Goldbacks feature Fideletas (Loyalty). The Fifty features Liberty (Libertas).
South Dakota Goldbacks

Started printing in 2023 and available for purchase the South Dakota Goldback comes in 1, 5, 10, 25, and 50 and each contains 24k gold. The South Dakota Series features Liberty, Honor, Harmony, Industry, and Peace. The One Goldback features Pax (Peace). The Five Goldback features Industria (Industry). The Ten Goldback features Harmonia (Harmony). The Twenty-Five Goldback features Laurea (Honor). The Fifty Goldback features Livertas (Liberty).
Florida Goldbacks

Not Yet Available for Purchase:
The newest Goldback currently being produced and available currently for pre-sale and a 2025 delivery. The Florida Goldback is the most unique as it has three additional notes. Yes, it still has the 1, 5, 10, 25, and 50 you can find in other series, but it also has a 1/2, 2, and 100 denomination note. This will allow for more straightforward conversion in smaller transactions. The 1/2 Goldback Note has 1/2000th Troy Ounce of 24K Gold.
2023 - Goldback Art Upgrade
Nevada Goldbacks get a new artwork upgrade for all denominations 1, 5, 10, 25, and 50
Goldbacks Price and Value
The Goldback price is determined during the business week on weekdays at 10 am Utah Time. Once a new price has been set for a single Goldback you can complete the math to determine the value of the 5, 10, 25, and 50 Bills.
The value of Goldbacks is set and published on the Goldback website. However, you may find Goldbacks being sold online for more than the actual price set for each Goldback. Retailers can set their prices for individual bills. Premiums may be added to a price to account for the price paid for the Goldback or based on the scarcity of the product. Therefore, you should understand the price and value of Goldbacks as legal tender before you transact.
Goldback Exchange Rate
According to the Goldback website, "the exchange rate for Goldbacks as of March 15, 2021 switched to Average Retail Ask Price exchange rate calculation. This represents an average of the paper dollar exchange rate for a Goldback across various published online sources from larger resellers and distributors of Goldbacks."
When using your Goldbacks as currency, you must work with and understand the exchange rate.
As of this update to the original article on December 12, 2024, One Goldback is worth $5.52 in the market. When we originally wrote this article, One Goldback had a value of $3.78 in the market. Therefore, for those interested in the investment value, the Goldback has increased 45.6% in 17 months.
The value of a Goldback is determined on weekdays at 10 am in Utah. Knowing the exchange rate will help you decide what you owe in Goldbacks and your change in U.S. Dollars.
Here is How to Calculate your Exchange Rate!
Take the price in dollars and divide it by the dollar value of 1 Goldback, which is always available on the home page of Goldback, Inc.
You will usually end up with a non-integer number of Goldbacks. This difference can be expressed in dollars by multiplying the “remainder” fraction of a Goldback by the dollar value of 1 Goldback, to get dollar change. For example: If something costs $12.99, and 1 Goldback is worth $5.52, take $12.99/$5.52 = 2.3533 Goldbacks. The “change” in dollars is 0.353 Goldbacks x $5.52 = $1.95. So instead of paying $12.99, you can pay 2 Goldback Bills plus an additional $1.95 U.S. Dollars. Or, you could use 3 Goldbacks and receive $3.57 in change.
To make things easier for those math-challenged individuals, use the Goldback exchange calculator on the website to assist in your transaction.
Where are Goldbacks Accepted?
Goldbacks are accepted in several stores and businesses in each state of the Series.
Businesses interested in accepting Goldbacks can do so even if not listed on the Goldback Accepting Business registry. However, register online to help consumers know you accept Goldback Notes and get a sticker for your storefront.
Businesses that choose to be officially listed on the Goldback website, can obtain a "Goldbacks Accepted Here" sticker for their window.
Should I Buy or Invest in Goldbacks?
Goldbacks can be purchased to use as currency or to hold as an investment. If you live outside Nevada, Utah, New Hampshire, Wyoming, South Dakota, or Florida, you can buy and hold Goldbacks as an investment.
The best part of the Goldback denominations is using these just like real currency at accepting businesses. If the value of the Goldback increases, you will have a higher conversion rate and more purchasing power in the future.
If you hold the Goldbacks as an investment, you can sell the bills to convert them back to a standard dollar bill and spend or reinvest.
Sponsor the Next Goldback Series?
Goldbacks were initially produced for Utah. The plan did not include multi-state currency. However, with the demand for gold and the increase in demand for the original Goldbacks, the Goldback Series has been and will continue to expand.
You can get on board being a sponsor through the Goldback Lease program. The process is detailed on the sponsor page of the website. The sponsor involves the leaseback of existing Goldbacks. Investors can get a 3.5% return on their leased Goldbacks while being a part of the next series.

Final Thoughts
As an avid investor in both gold and silver, I find myself interested in purchasing and holding the Goldbacks for investment purposes. As these are not qualified for Gold IRA I can only purchase and keep them in my vault.
The question to any investor is will the value of these fractional interest gold bills be worth more or less in the future. If the value of Gold increases going forward above current spot prices then I see the Goldbacks having more value in the future. But, if the value of gold decreases, then so will the Goldbacks.
If you are interested in investing in Goldbacks and have significant money to invest, you should look into the lease program. You buy and hold your Goldbacks while you are an investor in the next series. You get a small 3.5% return but also can have an appreciating physical asset that you can sell in the future.
An interesting option to the gold market, the Goldbacks are making a significant impact in their short history. Demand for non-U.S. Currency has increased as the dollar had decreased over the past several years. If you have a One Goldback you could see both an increase in value for the One Goldback and an ability to buy more with your Goldbacks over time.
Investors, don't count out the Goldbacks as an option. If you are not looking to invest in the Goldbacks but are interested in investing in Gold. There are several online businesses you can invest with that have good reviews and customer satisfaction. You may be interested in The Plug's article on the 5 Best Gold IRA Companies. These businesses allow you to purchase gold and silver inside an IRA or with CASH.
As with all investments, there is no way a company can control the Gold or Silver market. Invest wisely and understand your investments in precious metals. We hope that the information we provide helps make informed decisions, but your due diligence is important so you understand how gold can help hedge inflation and stabilize your portfolio.
Pros and Cons
Pros
Cons
Faq
Taken from the Goldback website. There are more FAQ on the site and you can access them by clicking here.
A Goldback Note is a privately printed currency by Goldback. You can use a note for currency or for investment purposes. The value is determined daily for 1 Goldback and you can determine the value for a 5, 10, 25, or 50 Goldbacks Note from the price of 1 by multiplying the price for 1 Goldback by the denomination of your bill.
Yes, each Goldback has a percentage of 24-karat gold.
Since its inception in 2019, the price of a Goldback has increased by over 80%. The price of gold bars and coins increased by approximately 60% during that same period. There is no way to know how the value, as an investment, of this gold currency, will react going forward. Given the gold infused into the bills, the value will have some correlation to the spot price of gold plus the cost to make their bills.