It has been nearly a century since Americans have held gold in their hands that could reasonably be spent in the modern economy. As the Great Depression really began to wear on the finances of the United States, and the world at large, in the 1930s, President Franklin D. Roosevelt took a major step. The nation ended the use of the gold standard to back its currency and all gold coins in circulation were collected to be melted down by the Federal Reserve. In the 21st century, American coinage remains rooted in the use of cupro-nickel alloys with no precious metals backing the amount of currency in circulation. However, gold is making a comeback as a potential unit of currency again with the issuance of Goldback gold notes. Take a closer look at the latest issue, the Wyoming Goldback.
What is a Goldback?
Goldbacks were recently introduced in the last several years with the Utah Goldback Series. Though the designs in these collections have changed, the focus on five low-weight gold options has been the same across the various collections. Wyoming Goldbacks, like predecessors in the Utah, Nevada, and New Hampshire collections, are available in five weights:
- 1/20 oz
- 1/40 oz
- 1/100 oz
- 1/200 oz
- 1/1000 oz
While the 1/20 oz gold note, the 50 Wyoming Goldback Gold Note, is the largest option in this series, it represents a weight that is commonly the lowest in modern gold bullion collections. Meanwhile, the 1/1000 oz note is the 1 Wyoming Goldback Gold Note and is the smallest 24-karat gold bullion piece available to investors today. So, what’s the point of a Wyoming Goldback?
Well, for starters, Wyoming Goldbacks are beautiful 24-karat gold notes with distinct designs that make for an affordable choice when investing in gold. However, the true benefit of Wyoming Goldbacks is the ability to actually spend these notes. All Goldbacks are voluntary currency. Even though the notes are not US legal tender, vendors can opt to accept these gold notes as currency for transactions on everyday purchases. The fact that Wyoming Goldbacks go as low as 1/1000 Troy oz also makes it feasible to spend these notes for smaller transactions, as opposed to 1 Troy oz gold bullion coins that cost thousands per coin.
Wyoming Goldback Designs
Just like the other goldback collections, the Wyoming Goldback Notes come with five distinct designs. All of the notes do have one thing in common: a blank reverse. The thin nature of these 24-karat gold notes makes it difficult to apply designs on both sides without the imagery featuring on the other side. As such, each note has only an obverse design element that is captured as a mirror image on the reverse. Designs in the Wyoming Goldback Series include:
- 50 Wyoming Goldback: This design shows a young woman exploring the wilds of Wyoming. In the foreground, there are two wolves near the young woman as a massive Grizzly bear emerges in the background. The distant background offers a glimpse of a river rushing over a cliff.
- 25 Wyoming Goldback: In the obverse of this note, you will find a young girl sitting on the top of a fence. There is a cattle dog at her feet and a cow resting its chin on her shoulder. In the background, a church sits across a field with mountains in the distance.
- 10 Wyoming Goldback: For the design of this note, the producers show a pioneer woman setting up camp as her family makes the long trek west. An oxen-driven wagon sits in the background as a roaring fire and large pot are in the foreground.
- 5 Wyoming Goldback: The design for this note shows a cowgirl taking care of her horse. As she holds its head close to hers, you can see a horseshoe and rope in the foreground.
- 1 Wyoming Goldback: For the smallest note, the design element focuses on the indigenous populations of Wyoming and their connection to the land. With Devil’s Tower in the background, an indigenous woman stands in the foreground with a bald eagle nearby and an American bison behind her.
Wyoming Goldbacks all contain 24-karat gold content and arrive in protective currency sleeves. The notes are produced by combining thin layers of gold together between polymer sheets to create a gold note with beautiful images. For added safety, these notes arrive in the aforementioned currency sleeve.
History of Gold Currency in the United States
In an effort to try and blunt the impacts of the Great Depression, President Franklin D. Roosevelt used an executive order to forbid the hoarding of gold coins, gold bullion, and gold certificates anywhere in the continental United States. At the same time, the gold standard ended in the United States and the government collected all gold coins in circulation to melt the coins down and divert that gold to bullion bars stored by the Federal Reserve. Though modern gold bullion coins are available from the United States Mint, these coins have face values that are imbalanced compared to the value of gold within the coins.
Invest in Spendable Gold with Goldbacks from JM Bullion
Wyoming Goldbacks offer Americans the first chance in a century to hold spendable gold. Whether you invest in this gold, collect it for its beauty, or actually intend to spend it, Wyoming Goldbacks are a great buy. Please call JM Bullion at 800-276-6508 if you have any questions. Our team is also available online using our live chat and email address features. Don’t forget to check back with our blog each week and follow us on social media.
