South Dakota Goldbacks: The Newest Gold Buying Craze
Since their 2019 explosion onto the precious metals scene, Goldbacks have become an absolute phenomenon among gold collectors. Some Goldback fans love the company’s attempts to revive a long-gone tradition of gold-backed currencies. Others like the unique look and feel of Goldbacks, which include some of the most incredible designs we’ve seen on any alternative currency.
2023 marked a special milestone for Goldback, Inc. The company released the newest line of Goldbacks, this time setting their sights on beautiful South Dakota to inspire the intricate obverse artworks that decorate their golden notes.
Let’s take a look at South Dakota Goldbacks, the newest gold buying craze to hit the market. By the end of this guide, you should have a good idea of why so many investors are obsessed with adding South Dakota Goldbacks to their portfolios.
What is a Goldback?
A goldback is an alternative type of currency that contains physical gold bullion. The United States, like most world governments, turned its back on the gold standard in the 20th century. This might have been a popular move among economists, but many gold stackers believe that fiat paper currencies lack the substantive, intrinsic value of gold and silver.
To some investors, Goldbacks are the gold community’s answer to the collapse of the American gold standard. These gold notes are made using real gold bullion, giving them a kind of intrinsic value that other community currencies just don’t have.
Goldbacks: An Alternative Gold-Based Currency
Goldbacks are, in one sense, an attempt to revitalize the gold standard in the American West. Goldbacks contain actual gold. To be more specific, let’s take a look at the gold content of South Dakota Goldbacks.
Each single denomination of a Goldback note contains 1/1000 troy ounce of pure gold bullion. Because Goldbacks are divisible by their gold content, this means that the basic 1 Goldback note contains 1/1000 oz of gold. The 5 South Dakota Goldback contains five times as much gold, which would be 1/200 troy ounces.
Which States Accept Goldbacks?
States all have vendors and businesses that accept Goldbacks as payment. The highest concentration of participating businesses happens to be in the American West – and particularly in the states that have their own Goldback series.
Goldbacks aren’t actually legal tender yet, so don’t expect that your average gas station will accept Goldbacks as payment for your purchases. However, we do find that the number of businesses that view Goldbacks as a legitimate currency continues to grow.
South Dakota Goldbacks can be used at any participating business. To determine how much a Goldback is worth, take a look at the “exchange rate” page on the Goldback, Inc. website.
Current Goldback Series
The first Goldback series premiered in Utah, where the Goldback, Inc. company was founded. Since then, Goldbacks have expanded to include four more states.
Currently, there is a Goldback series available for each of the following states:
- New Hampshire
- South Dakota
Each state’s designs feature a different “virtue” for each of its five denominations.
When Did South Dakota Goldbacks Release?
South Dakota Goldbacks premiered on September 19th of 2023. This release date happened to land on the one year anniversary of the company’s unveiling of the Wyoming Goldback series.
Since their release, South Dakota Goldbacks have become an instant classic among Goldback collectors. Featuring some of the most intricate and creative designs yet, these bills find a place in collections all over the world.
Details: South Dakota Goldbacks
South Dakota Goldbacks are an extremely popular way to invest in Goldbacks. Let’s take a look at some of the key details that make South Dakota Goldbacks a good choice for Goldback collectors.
Gold Content Varies
Like the other Goldback releases, gold content is standardized across the South Dakota Goldbacks series.
A single 1 Goldback note contains one-thousandth ounces of actual gold bullion. This means that the 25 South Dakota Goldback note, for example, would feature 1/40 troy oz of pure gold content.
Goldbacks are known for their intricate, beautiful artwork. Even collectors who generally put their money into low-premium gold bars are converted by the exceptional attention to detail put into Goldback designs.
Like the other releases in the popular Goldback series, each South Dakota Goldback pays homage to the state’s natural beauty and features the feminine personification of a “key virtue.”
Artwork on South Dakota Goldbacks feature one of five “virtues,” depending on the denomination you buy:
We encourage investors to take a look at some of the brilliant designs on South Dakota Goldbacks by visiting our product pages for each denomination.
How to Spend Goldbacks
Goldbacks can be spent at hundreds of businesses across the country. By checking out some of the “featured businesses” highlighted by Goldback, Inc., you can get a good idea of which businesses near you may accept Goldbacks as payment for goods and services.
Goldbacks also make fantastic gifts. Despite their cheap price tag, giving South Dakota Goldbacks to friends and family can be a great way to promote the series while giving your favorite people an unforgettable gift.
Investing in South Dakota Goldbacks
Some gold stackers are concerned about the premium fees vendors charge for South Dakota Goldbacks. While it’s true that these products cost a bit more than their gold melt value, it’s important to remember that South Dakota Goldbacks are more than just an investment in pure gold.
Let’s take a look at why so many investors go crazy for our South Dakota Goldbacks.
Are Goldbacks Expensive?
Goldbacks are typically sold at a premium over their gold value. This makes sense, considering the cost associated with producing high quality golden notes with intricate, beautiful obverse/reverse designs.
Take a look at our prices for South Dakota Goldbacks by visiting our product category page. We offer some of the most competitive prices around for our Goldbacks, and we’ve heard nothing but good things about this incredibly popular series of unique gold collectibles.
Why Buy South Dakota Goldbacks?
People invest in South Dakota Goldbacks for a number of reasons. These notes contain actual gold, giving them an intrinsic value that few other alternative currencies have.
Additionally, savvy stackers may be able to save some money when they choose to trade and barter using South Dakota Goldbacks. Keep a close eye on the standardized current exchange rate for Goldbacks for more information.
We find that Goldbacks also represent an ideological investment for some collectors. By buying Goldbacks, you’re showing your support for a gold-backed money system.
Final Thoughts: South Dakota Goldbacks For Sale
Hero Bullion is excited to sell the entire selection of South Dakota Goldbacks at some of the best prices around. Our customers love the look, feel, and meaning behind this fascinating series of collectable gold products.
Are you ready to put your money on Goldbacks?
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About The Author
Michael Roets is a writer and journalist for Hero Bullion. His work explores precious metals news, guides, and commentary.