What a Goldback is
Goldbacks are made by Goldback, Inc., a Utah company, and minted by Valaurum, a private mint in the US. The designs are printed onto rolls of polymer, and 24-karat gold is then vacuum-deposited onto them, so each note carries a precisely measured amount of gold.
The number on a note is how many thousandths of a troy ounce of gold it holds. A 1 holds 1/1,000 of an ounce, a 5 holds five times as much, and a thousand 1s add up to one troy ounce.
| Note | Gold, troy ounces | Gold, milligrams | Notes |
|---|---|---|---|
| ¼ | 1/4,000 oz | 7.8 mg | New in 2026, starting with Idaho |
| ½ | 1/2,000 oz | 15.6 mg | |
| 1 | 1/1,000 oz | 31.1 mg | |
| 2 | 1/500 oz | 62.2 mg | |
| 3 | 3/1,000 oz | 93.3 mg | |
| 5 | 1/200 oz | 155.5 mg | |
| 10 | 1/100 oz | 311.0 mg | |
| 25 | 1/40 oz | 777.6 mg | |
| 50 | 1/20 oz | 1,555.2 mg | |
| 100 | 1/10 oz | 3,110.3 mg | No longer issued after the Idaho series |
Not every state series includes every denomination. The older series have 1, 5, 10, 25 and 50 notes; the ½, 2 and 3 arrived with newer series. The ¼ is new in 2026, and no 100 notes are being made after the Idaho series. Sources: Goldback, Inc. and Wikipedia.
States with a Goldback series
Each state series has its own artwork, but a note of the same denomination holds the same gold whichever state it comes from.
- Utah2019The first series. Refreshed artwork in 2026.
- Nevada2020Refreshed artwork in 2026.
- New Hampshire2020
- Wyoming2022
- South Dakota2023
- Florida2025Added the ½, 2 and 100 notes.
- Oklahoma2025
- Arizona2025
- Idaho2026First ¼ note, and the last 100.
Year of each state’s first series. Goldback, Inc. has announced Colorado as the tenth state.
Why people buy Goldbacks
- To spend them. More than 5,000 businesses accept Goldbacks, according to Goldback, Inc., and its app and merchant map show where. Most are small independent shops and services.
- Gold in very small amounts. A ¼ note holds 1/4,000 of an ounce, so you can own and hand over real gold for a few dollars.
- Gifts and tips. A note fits in a card or a wallet, which makes it an easy first piece of gold to give someone.
- Collecting. Every state has its own designs, and older ones go out of print. The first Utah, Nevada and New Hampshire designs were retired in 2025, and the 100 note ends with the Idaho series.
Things to know first
- They aren’t legal tender. Goldbacks are privately issued, and each note says it isn’t US dollar legal tender. Businesses choose whether to take them.
- They cost more than the gold inside. Making gold this thin and this precise costs money, so Goldbacks sell for well above the value of their gold, as very small gold products generally do. You may get less than you paid if you sell them.
- Acceptance is patchy. Merchants are spread unevenly, with Utah, where Goldbacks started, in the lead, so how useful they are for spending depends on where you live.
- They follow gold. Their price moves with the gold market, so it can fall as well as rise.
Questions about Goldbacks
Are Goldbacks real gold?
Yes. Each note holds a measured amount of 24-karat gold, deposited onto a polymer note by a private mint. The gold is sealed in, so the note can be carried and spent like a banknote.
How much gold is in one Goldback?
One thousandth of a troy ounce, about 31.1 milligrams. A thousand 1 Goldbacks hold one troy ounce between them.
What is the Goldback exchange rate?
Goldback, Inc. publishes a rate every day at 10 a.m. Mountain time. Merchants and customers use it to agree how many Goldbacks something costs. Our shop prices are our own, set from the live gold price, and they lock for 15 minutes when you check out.
Are Goldbacks from different states worth the same?
A note holds the same gold whatever its state, and Goldback, Inc. publishes one exchange rate for all of them. Some collectors pay more for retired designs.
Is the 100 Goldback still made?
No. Goldback, Inc. says the Idaho 100 is the last one. Existing 100 notes are still accepted within the Goldback network.
Which Goldbacks does EA Bullion sell?
We list Goldbacks by denomination, and the state series you receive depends on what we have in stock. You can see what’s available and the current prices on the shop page.
Sources
- Goldback, Inc., How Goldbacks are made.
- Goldback, Inc., Goldback daily exchange rate.
- Goldback, Inc., Looking ahead: what’s coming in 2026.
- Wikipedia, Goldback, for denominations, state series and the merchant count.
- Hero Bullion, Goldback, Inc. discontinues 100 Goldbacks, March 2026.
- Bullion Exchanges, Goldback notes evolve: Utah, Nevada and New Hampshire retiring, June 2025.
This page is general information, not investment, tax or legal advice. Goldback is a trademark of Goldback, Inc.