Who Needs “Greenbacks” When You Can Have “Goldbacks?” – IOTW Report

Who Needs “Greenbacks” When You Can Have “Goldbacks?”

Sunday, 6 February 2022, 16:00 Dr. Tar Uncategorized 20

Epoch Times

For thousands of years, anyone who wanted to buy goods with gold faced “the small coin problem,” [Goldback president Jeremy] Cordon told The Epoch Times. A 1-ounce gold coin, worth about $2,000, is far too expensive for everyday use, but a cheap gold coin is impractically small.

“Gold is the best money, but it can’t buy a loaf of bread,” he said.

To solve this problem, Cordon used new technology to create a bill that sandwiches a particle-thin gold layer between two layers of polymer—the Goldback. The result can be worth as little as $3.80. More

They’re considered legal tender in four states. To use them you’ll need to track the price of gold in US$. That is until we get rid of the federal government’s ability to print fiat money. – Dr. Tar

20 Comments on Who Needs “Greenbacks” When You Can Have “Goldbacks?”

  2. This has the same problem actual specie coins had

    You have to trust someone to actually put in the amount of precious metal that they claim they put in.

    These bills are even worse than coins. I can do specific measurements like weight, conductivity, specific gravity, etc., to determine if my coin of precious metal is worth what the minter wrote on it. I can have specific safeguards on coins like scalloped edges to help detect shaving to make the coin have less metal than it states.

    None of these protections exist in paper currency that most people have never seen that is allegedly suffused with gold.

    Is it what it claims to be?

    …not really a way I can be sure…

    5

  4. Problem:

    What would it cost in Energy/Fiat Currency to recover that gold from the printed note, turn it to ounces that can be “hooped” to smuggle across a boarder?

    Even regular Gold coins are about 3-6% fee to convert to a Fiat Currency.

    (Fiat Currency, not the Fiat Italian shit boxes that catch fire & rust)

    1

  6. Interesting idea, and I hope the people behind this business do well.

    But I’m going to have to think about it a bit before I decide whether or not to get excited. I have a strong liking for (non-numismatic) coins, ones I can hold in my hands. It’s quite true that the problem with gold coins is the impracticality of small change, but IMO that’s what silver is for, and I have about five thousand silver dimes stashed away for just that purpose (along with a bunch of one Troy ounce gold coins.

    The gold and silver I own for wealth preservation rather than investment, and the idea of using gold and silver for everyday purchases in our current environment is one I’ll have to ponder.

    This is intriguing, though. I wonder if anybody’s trying to get Goldbacks going in Florida?

    2

  13. Maybe it sucks…..but I LIKE silver.

    Every so often I’ll go down to the jewelers and buys some Mesikin’ silver coins. To hoard. In an old timey spittoon.

    Why?

    I dunno’, but like I always say, if you do something for long enough, something interesting is bound to happen.

    1

  19. @Francis W. Porretto February 7, 2022 at 5:55 am

    > Gold for large transactions;
    > Silver for intermediate transactions;
    > Copper for the smallest tranactions.

    The economics! It burns!

    (for those from River City: If you want pure barter, there’s nothing different about gold, silver, copper… eggs, beer, NFTs; if you want currency, there can be only one)

Comments are closed.

iOTWreport.com ©2024 ----- iOTWreport is not responsible for the content of comments. All opinions in comments are solely the commenter's.