04/26/2026
For those that still dont understand goldback and the intent of it, and are saying the premiums are too high, ill break it down for you.
The exchange rate is based on the spot price of gold to the us dollar. It is set at 2x us dollar. People call it a premium, but thats like saying a euro has a 50% premium to the us dollar because the exchange rate is 1.50 euros to one us dollar.
A goldback is a currency backed by gold content that is in each bill. It is no different than other currencies or cryptos, except that while fiat currency is designed to depreciat 2.5% year over year a goldback, by nature of gold itself hedges that depreciation.1 goldback 5 years ago could be exchanged for about 4 bucks, Now its $9.43, you could never get that return with fiat deposited in a savings account.
No one complains that 1 bitcoin exchanges for 76,000 us dollars, thats a pretty big fricken premium for somthing you cant hold, see, and is based solely on faith that someday someone will pay you more for it.
Goldback made a currency and linked it to physical gold, And until we start spending it into circulation instead of treating it like baseball cards it won't be taken seriously, but I believe that someday it will.
150 years ago banks would print their own paper money outside the US government and it was backed by gold deposits. This is no different except instead of the bank holding the gold and giving you a promissory note, you are carrying the promissory note and the gold at the same time.
We need to stop using terms like goldbacks for sale and goldback dealer and start using terms like autherized goldback currency exchange and faverable exchange rates on goldbacks.
I accept goldbacks as payment, and refer other business to do the same. I have givin out goldbacks as change as well. If you hold goldbacks you should be an ambassador for goldback, you should be educated and an educator for your community. You should be patronizing local businesses that accept goldbacks as payment and spending them.