Nearly a century ago, the last American coins with gold content were removed from circulation. The federal government, under an Executive Order, outlawed the private ownership and hoarding of gold. Since the Great Depression, Americans have relied on the value of fiat currencies manipulated by markets and central banks. With the introduction of Goldbacks as a new form of voluntary currency, Americans can take the first baby steps forward in using gold once again as a form of true currency. Programs such as the new Wyoming Goldback Gold Note have returned some of that power to Americans, so take a moment and learn more about these exciting gold notes.
How Do Goldbacks Work?
The most important thing to keep in mind is the fact that Goldbacks are not legal tender US currency. However, Goldbacks are spendable gold notes that work as a voluntary currency. This means that vendors and businesses can opt to accept Goldbacks as payment for goods and services at their own discretion. Generally speaking, these Goldback collections are associated with states where more vendors and businesses are willing to accept them.
Details on Goldbacks
Wyoming Goldbacks are, like their predecessors in the Utah, Nevada, and New Hampshire Series, 24-karat gold notes. The denominations, if you will, are set at 1, 5, 10, 25, and 50. The weight of 24-karat gold ranges from 1/1000 Troy oz in the 1 Wyoming Note to 1/20 Troy oz in the 50 Wyoming Note.
Each note is manufactured in a proprietary process that includes combining thin layers of gold together between sheets of polymer to create a durable gold note. These are further protected during the delivery process with the use of protective plastic currency sleeves. Photorealistic images are added to each of the gold notes to provide a distinctive appearance for each note in the series.
Designs of Wyoming Goldbacks
As with the prior collections, the 1, 5, 10, 25, and 50 Wyoming Goldbacks each come with a unique design. While each of the notes has its own design element on the primary field, the theme ripples across all five options. Each one captures the spirit of America’s wilderness and expansive West with designs honoring both the indigenous people who have called these places home for centuries, as well as the pioneering Americans who moved west in search of a better life.
For the designs in the Wyoming Goldback Series, you will find:
- 50 Wyoming: the image of an intrepid young woman exploring the expansive lands of Wyoming. The field includes a river crashing down a waterfall in the background, a Grizzly bear, and two wolves.
- 25 Wyoming: a depiction of a young girl sitting along the top board of a fence as a cow rests its chin on her shoulder and a cattle dog lies by her feet. In the background, an open field leads to a small chapel at the base of the mountains.
- 10 Wyoming: a pioneer woman setting up camp for the night as her family travels west. With an oxen-driven wagon in the background, she has a fire going and a meal ready to cook in a large pot.
- 5 Wyoming: a cowgirl comforting her steed is surrounded by images of the rough-and-tumble lifestyle of those moving west. Included in the field are rope and a horseshoe.
- 1 Wyoming: the image of a young indigenous woman. Honoring those who have long called Wyoming home, this design shows the female figure in the foreground with an eagle, as a bison looms large in the background. Even more prominent is Devil’s Tower in the distance.
History of Gold Currency in America
From the very first coins issued by the United States Mint in 1795 to 1933, all gold denominations from the United States featured some degree of gold content. From 1837 onward, American gold coins boasted 90% gold content. In the aftermath of the US Civil War, gold certificates were also offered that put paper money, backed by hard gold currency, in the hands of Americans. The Great Depression brought the end of the gold standard in America, and the end of private gold ownership. The federal government, under an Executive Order from President Franklin D. Roosevelt, banned the hoarding of gold coins, bullion, and certificates. Gold was collected by the government and melted down into bullion bars to supplement gold stars in the Federal Reserve.
Although the US Mint now issues gold bullion coins, there has not been a return to precious metals-based currency in the United States. With the value of US gold bullion coins far surpassed by the intrinsic value of the metal, these coins are not feasible for use in everyday transactions. Wyoming Goldbacks offer the closest option to spendable gold Americans will find.
Invest in Spendable Gold with Wyoming Goldbacks
Now is your chance to purchase Wyoming Goldbacks from Provident Metals. If you have any questions, please call us at 800-313-3315, chat with us live online, or email us directly. Our weekly blog posts are a great opportunity to learn more about upcoming releases and our social media page always has interesting information on products.