What Are Goldbacks

[JohnyMac]

There has been a lot of noise amongst my local MAG concerning Goldbacks. Pretty much I have ignored the discussion and then I read that NC Scout is accepting Goldbacks for his new book with a spiral bind.

"Each copy is $25 cash / check, USPS MO, 5 Goldbacks (any state) or one ounce of silver. Price includes shipping." - Brushbeater.org

With CBDC just around the corner, the Goldback has hit the market for paying for things without using digital to do so. You can also use the Goldback to buy small things when it does not make sense to pay for a pack of gum with a 1 ounce gold coin.

"The most appropriate place to begin this history, I believe, is with an intense dream that I had back in early April of 2019.  Like most people my dreams are forgotten shortly after I wake up.  However, occasionally one will linger, and this was one of the latter.  In my dream, I was at a grocery store and I was paying someone with what looked like Goldbacks.  Each one had a different value, and I was being given change in the same golden notes.  The feeling of the exchange was that it was a normal thing. Various denominations of golden bills were being used as money.  My business partners and I have been trying to make gold into a more functional money for years, and this felt like an epiphany because I saw people using gold as a regular money.  This fit into the vision that anyone anywhere could use gold as their currency of choice." - GoldBack Story

Are Goldback's legal tender?

"Yes. The Goldback is a gold product.  The Goldback also may serve as a currency (within certain jurisdictions where authorized by law) or as a possible barter tool elsewhere. For example, Goldbacks are specie legal tender in Utah.  There have been thousands of other local currencies in the United States and there are nearly a hundred active ones today.  There are also thousands of different gold products available for sale in the U.S.  The Goldback is a marriage of the two.  The Goldback is valuable in large part because it is gold." -Goldback Frequently Asked Questions

So what do you think?

 

[Sir John Honeybucket]

Seems like quite an improvement.  GOLD backs are far more convenient to carry than the older Silverbacks.



There was also The Smell...

[zanedclark]

I had not heard of this before.  Interesting. 

[JohnyMac]

Before the Fed, it was not uncommon for national banks to print their own currency. It was legal tender across the country.

[pkveazey]

I did a bit of research on what the Constitution said about money. It said that only Gold and Silver could be used as money. It also said that the States could not coin money. However it did say that Banks could issue Bank Notes but they had to be backed up by Gold. Everything else that I read after that was really confusing because Congress was allowed to do things that made no sense. The 1971 Executive order to stop backing our currancy with Gold was a violation of the Contitution and not one person questioned it. Only the Congress could make decisions about money and Fiat Currancy was a big "No No". If only Gold and Silver can be used as money, then how come we have Nickels and Copper Pennies? The only reference I could find about Pennies was something that Congress did. I'm confused and pissed off at the same time.