Goldbacks: A Possible Replacement Currency? - 01/14/22
I heard about this proposed form of currency being produced and, just out of curiosity, had to order one. They have them in denominations of 1, 5, 10, 25, and 50. A 1 Goldback bill contains 1/1,000th a Troy ounce of gold foil, and each denomination from that to 50 contains the appropriate proportion, i.e., the 10 Goldback bill contains 1/100th Troy ounce of gold foil, and on up. They all conveniently fit into a wallet.
Unlike our old paper money, it doesn't represent a promise to pay the bearer a certain amount of gold. That amount of gold is actually contained in the bill.
I bought a 1 Goldback bill, just for fun. I don't intend to buy any more, but find the concept intriguing.
Unlike our old paper money, it doesn't represent a promise to pay the bearer a certain amount of gold. That amount of gold is actually contained in the bill.
I bought a 1 Goldback bill, just for fun. I don't intend to buy any more, but find the concept intriguing.