5 Ways to Spend Goldbacks
One of the biggest advantages of buying Goldbacks is their usability. You can use Goldbacks to pay for goods and services at a variety of businesses across the American West. But this isn’t where the usefulness of the Goldback ends.
In fact, we find that you can use Goldbacks at companies all over the world, as well as on the internet. In today’s guide, we’re going over our favorite 5 ways to spend Goldbacks. By the end of this Bullion Academy article, you should be an expert on how to spend Goldbacks for real goods and services.
What is a Goldback?
Goldbacks are a series of local currencies produced by Goldback, Inc. The Utah-based company was founded in 2019, and their alternative gold-backed currencies have since become a national phenomenon.
The basic concept behind the Goldback is simple. Each Goldback contains 1/1000 oz of real gold. Larger denominations also contain gold proportional to their value. For example, a 5 Goldback note includes five times as much gold as a 1 Goldback, which would be 1/200 oz.
Are Goldbacks Considered Legal Tender?
Goldbacks are not legal tender. At least, this family of alternative currencies isn’t considered legal tender in the traditional sense. When we call something a legal currency, we generally mean that the currency is backed by a sovereign government. The United States Dollar, for example, is a legal tender.
Goldbacks are not backed by any single government, so they’re not technically legal tender. This doesn’t mean Goldbacks can’t be spent, however. Hundreds of businesses across Utah, New Hampshire, South Dakota, Nevada, and Wyoming accept Goldbacks as payment.
Before we get into the top 5 ways to spend Goldbacks, take a look at the Goldback, Inc. list of featured businesses. On that webpage, you’ll find an updated list of the physical businesses that accept Goldbacks as payment.
5 Ways to Spend Goldbacks
There are a number of ways to spend Goldbacks. We’ll outline our top five picks below, but it’s important to remember that Goldbacks are an alternative currency for a reason. As the corporation behind them continues to grow, it’s likely that even more businesses and service providers will start accepting Goldbacks as payment.
Goldbacks can make a fantastic gift. This is one of our favorite ways to spend Goldbacks. Because Goldbacks are remarkably cheap and contain actual gold bullion, they’re always a winner at family Christmas parties and gift exchanges.
We’ve read about some Goldback collectors using Goldbacks in birthday cards. Especially if you’re buying gifts for family members that don’t normally collect gold, one of the best ways to spend goldbacks is to give them as gifts.
#2: Online Barter and Garage Sales
The era of the internet has made it easier than ever for alternative currencies to flourish. Just look at the success of cryptocurrencies like Bitcoin and Ethereum. Goldbacks can also be used to exchange goods and services online.
Remember, Goldbacks aren’t a legal currency. Not all vendors will accept them as payment, and they’re not obligated to do so.
However, one of our favorite ways to spend Goldbacks is to look for online retailers and garage sale hosts that might accept them. If you’re lucky and know the value of your Goldbacks, you might even be able to save some money by paying for things in gold.
#3: Dentists and Medical Care
If you take a look at the featured businesses on the Goldback website, you’ll find that a number of dentists and doctors accept Goldbacks as payment. Everybody needs the doctor occasionally, so it shouldn’t be surprising that this ranks as one of the best ways to spend Goldbacks.
Make sure to verify that your doctor or dentist accepts Goldbacks before going through a procedure. Like with any other business, no doctor is obligated to accept Goldbacks as payment. But when they do, it’s a great opportunity to see the power of your gold investments on full display!
#4: Groceries and Food
Another of the most popular ways to spend Goldbacks is on groceries and food. Grocers and restaurants all over the Western United States accept Goldbacks as payment. You’ll want to check to see if your favorite restaurant accepts Goldbacks before trying to pay using this unique, alternative gold currency.
#5: Legal Services
Did you know that some lawyers in Utah accept Goldbacks? That’s right! One of the coolest ways to spend Goldbacks is on legal services. DUI, family, and all kinds of different lawyers in Utah, Wyoming, and Nevada accept Goldbacks as payment, according to the Goldbacks, Inc. website.
Legal experts know all too well that Goldbacks aren’t a legal, government-backed currency. They aren’t under any obligation to accept your goldbacks as payment. However, we were able to find several popular lawyers in Utah that are willing to accept Goldbacks for their services.
How to Spend Goldbacks
To spend Goldbacks, take some time to research which businesses near you accept them. The Goldback, Inc. list of featured businesses is a great place to start. Some Goldback-affiliated retailers even use a Goldback sorting machine to help streamline their alternative currency payment process.
Even if a company isn’t on the list of Goldback-accepting businesses, you might be able to use Goldbacks to pay for goods and services. One of our favorite ways to spend Goldbacks is to offer them to trade online. Some vendors in online marketplaces might not even know Goldbacks exist. Offering them as a trade is a great choice; you can get quality items while introducing someone to an entirely new form of currency.
Final Thoughts: 5 Best Ways to Spend Goldbacks
How do you spend Goldbacks? The short answer: however you want! Some of our favorite ways to spend Goldbacks include using them as gifts, buying goods and services from approved vendors, and even bartering with online retailers.
However you spend your Goldbacks, you’re investing in a new way to pay – and an entirely new type of currency.
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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.