Short talk on Goldbacks. Goldbacks are a voluntary, local currency. They have a certain amount of gold inside each one. However, is it worth it to buy them?
A couple quick things that come to mind for me: 1. there is no more constitutional/junk silver being produced. at least not in such small denominations that they'd be useful for smaller transactions like Goldbacks. 2. junk silver is not fungible in the same way goldbacks are, and 3. there has never been a counterfeit goldback as they have superior-to-bank-note levels of security features. using constitutional silver would mean that both parties would need a way to verify legitimacy of the coins. especially with all the fakes coming in from certain countries now.
@@not.a.prepper the single goldback is guaranteed to have 1/1,000th however they have slightly more just to be on the safe side, I want to say somewhere in the neighborhood of 2-4% more than advertised. There are higher denominations of goldbacks too: 5, 10, 25, and 50 denominations exist and they're all proportionally larger! the 50 goldback for example is advertised as 50/1,000th of an ounce, or about half a 1/10th oz coin.
A couple quick things that come to mind for me:
1. there is no more constitutional/junk silver being produced. at least not in such small denominations that they'd be useful for smaller transactions like Goldbacks.
2. junk silver is not fungible in the same way goldbacks are, and
3. there has never been a counterfeit goldback as they have superior-to-bank-note levels of security features. using constitutional silver would mean that both parties would need a way to verify legitimacy of the coins. especially with all the fakes coming in from certain countries now.
If anyone has any questions about Goldbacks please feel free to ask me!
Is there more than 1/1000th of a Troy ounce of gold in a single goldback, and if so, how much?
@@not.a.prepper the single goldback is guaranteed to have 1/1,000th however they have slightly more just to be on the safe side, I want to say somewhere in the neighborhood of 2-4% more than advertised.
There are higher denominations of goldbacks too: 5, 10, 25, and 50 denominations exist and they're all proportionally larger! the 50 goldback for example is advertised as 50/1,000th of an ounce, or about half a 1/10th oz coin.