Only 1s and 5s have been produced so far. One Goldback costs $2.50 as of July 24th, 2019.
Since April, the team has been working on something truly revolutionary. The mission of the United Precious Metals Association is to promote the use and circulation of sound money. In order to accomplish this, the volunteer UPMA Board of Directors has scrutinized and approved the adoption of a new (Utah) Legal Tender gold product. The Goldback will be available to all UPMA members online.
The Utah Goldback is a voluntary local currency in the state of Utah. While it is intended for circulation within the State, it may be owned by anyone. The Utah Goldback is the first gold product in human history capable of buying basic items such as a single loaf of bread, a gallon of milk, or a dozen eggs. Each Goldback is an absolute work of art and is crafted in increments of 1/1000th of an ounce of pure gold. The artwork on each denomination features a depiction of one of the lady virtues highlighted during one of several distinct periods of time in Utah. There are several Goldback denominations currently ranging in value from $2.50 to $125 including a 1, 5, 10, 25, and 50. The Goldback denominations are inter-changeable, so one 50 Goldback can be exchanged for fifty 1s and vise versa.
Only some of the 1s and 5s have been produced so far. The rest will be completed between now and the beginning of October. We anticipate Goldback accounts being available on UPMA.org by the end of September but pre-orders can be made as of July 24th. Anyone that comes to the office in Alpine or finds us at an event may purchase up to $100 worth of Goldbacks during the pre-launch period. Pre-Orders for over $100 can be made through the UPMA and should be available for pick-up by October. We will publish a list of events where the Utah Goldback will be sold soon. More information about the Goldback may be found on Utahgoldback.com. The website is under construction until mid-August so there is only a simple place-holder until then. See the Youtube Teaser here:
The original prototype has “Utah Legal Tender” written on it. We believe that the Goldback is Utah Legal Tender, however, we are waiting for additional confirmation from the Attorney General of Utah before mass printing that language.
It is the opinion of our General Counsel, Larry Hilton, that the Utah Goldback is actually legal tender in the State of Utah under the Utah Specie Legal Tender Act which he himself authored. This means that under Utah State law that the Goldback is a voluntary legal tender in Utah. The goal is for the Goldback to circulate within the State. If you have a business in Utah and would like to accept gold then please contact us. The Goldback may be used as a barter tool outside of Utah. The list of Utah businesses that accept Goldbacks as payment will be published soon after the UPMA’s Annual Monetary Summit on September 28th. If you would like to attend the event then please make a reservation.
The Utah Goldback is being offered exclusively through the United Precious Metals Association through the pre-launch period. After September 28th the Goldback will also become available at many coin stores in Utah and it should be available to purchase online as well through other major vendors.
The United Precious Metals Association did not invent the Goldback nor does it own it. The Goldback is being supported because it aligns with the current mission of the United Precious Metals Association.