Goldback, Inc. Releases New Denominations, Designs For Florida Goldback Series

 

Goldback, Inc. Releases New Denominations, Designs For Florida Goldback Series

(Bullion News Network) – Goldback, Inc. announced last week that the new Florida Goldback series will feature three new denominations, as well as a set of fresh designs. Goldbacks, a family of alternative currencies minted with a thin polymer coat of pure gold, are part of Goldback, Inc.’s project to provide consumers with a usable, convenient form of gold to use in everyday transactions. The series began in 2019 with the release of the Utah series and has since expanded to include six total states, with Florida being the latest. 

A single Goldback contains 1/1000th troy ounce of pure gold. Previously, Goldbacks were minted in five separate fungible denominations based on their gold content: 

• 1 Goldback
• 5 Goldback
• 10 Goldback
• 25 Goldback
• 50 Goldback

The company announced their intention to produce a Florida collection in mid-October, and their official pre-sale release on November 25th was met with a groundswell of popular support among investors. Surrounding the hype was excitement concerning three new denominations to be added to the Florida family of gold notes. According to a Goldback, Inc. press release on November 25th, Florida Goldbacks will be available in 100, 2, and 1/2 denominations, in addition to the standard five notes included in previous collections. The Bullion News Network has confirmed that all three new denominations are now available for pre-sale at select online retailers.

Surprise! Three new denominations are joining the Florida Goldback Series:

⭐ 1/2 – contains 1/2000 t oz of 24k gold
⭐ 2 – contains 1/500 t oz of 24k gold
⭐ 100 – contains 1/10 t oz of 24k gold pic.twitter.com/hbFebstZkH

— Goldback (@Goldback) November 25, 2024

Goldback, Inc. cited climbing gold prices and traditional fiat currency devaluation as two reasons behind the change. The new denominations also help to “bridge the gap” between existing note values, the company said. The 2 Goldback, for example, will be ideal for “mid-range purchases” like food or household supplies, while the 1/2 Goldback could be used to buy something as small as a cup of coffee. As for the 100 Florida Goldback, the note is intended to be used primarily as a “store of wealth” or for large transactions with participating businesses. 

The company considers the expansion to be an important step in improving the versatility of the Goldback, which is not legal tender but which is accepted by certain businesses and service providers across the United States. Since the beginning of 2024, the spot price of gold has increased by over 28.5%, posing a distinct problem for the usability of the Goldback as a convenient everyday currency. The introduction of the 1/2 and 2 Goldback denominations is a move that Goldback, Inc. hopes will both counter gold’s historic 2024 price run and improve the viability of the Goldback ecosystem. 

Like the other five series, the Florida Goldback collection features a set of brand new designs that each merge the feminine personification of a key virtue with classic iconography associated with the state. Designs in the Florida series feature images of Florida’s versatile landscape, which is considered one of the most diverse in the United States. 

Pre-sales are now live for the Florida Goldback series at select distributors.