The Goldback guide

Goldbacks are notes that hold a measured amount of 24-carat gold. We have written more than forty guides to them, from the first question most people ask to the details collectors debate. This page puts them in the order most people need them.

• Start here
• Before you buy
• Collecting
• State guides
• Owning and selling
• The idea behind them
• Tools and services

The essentials

Six facts that hold for every Goldback

1. A 1 Goldback holds 1/1000 of a troy ounce of 24-carat gold. Every other denomination is a multiple or fraction of that, from 1/4000 oz in a ¼ to 1/20 oz in a 50.
2. The gold is vacuum-deposited onto polymer and sealed in by Valaurum, the US manufacturer. It is not plating, and it does not rub off.
3. Goldbacks are privately issued. In the UK they are legal to own, buy and sell, but they are not legal tender, so nobody has to accept one.
4. The price includes a premium over the gold. Within a series the price tracks the denomination, so that premium is broadly the same percentage on a ¼ as on a 50.
5. An Alpha note, from a design’s first production run, shows a small α beside the mintage date. The serial number tells you nothing about Alpha status.
6. Goldback, Inc. publishes a daily exchange rate. It is a reference for voluntary exchange, not a buy-back offer, and dealer prices differ from it.

Step 1

Start here

Four short reads that answer what most people want to know first.

• 01What Are Goldbacks?The format in one read: real 24-carat gold in a polymer note, what each denomination holds, and the honest case against.
• 02How Do Goldbacks Work?Denominations, the daily exchange rate, verification and resale, and how they fit together.
• 03Are Goldbacks Real Gold?How much gold each note holds, and why a Goldback is not gold plating.
• 04Are Goldbacks Legal in the UK?Legal to own, buy and sell here; not legal tender. What that distinction means in practice.

Step 2

Before you buy

What you are paying for, how the price is set, and which note to start with.

• 01Buying Goldbacks in the UKWhere to buy, what the price is made of, and what to check before you order.
• 02Best Goldbacks to Buy FirstSensible first notes by budget, purpose and artwork.
• 03Goldback Denominations ExplainedEvery note from the ¼ to the 50, its gold content, and why bigger is not cheaper per gram.
• 04Goldback Premiums ExplainedWhy a Goldback costs more than its gold, and what that premium pays for.
• 05How the Goldback Exchange Rate WorksThe daily rate Goldback publishes, and why it is not a UK shelf price.
• 06How Much Is a Goldback Worth?Gold value, exchange rate, retail and resale: four different numbers for one note.
• 07Goldbacks vs Fractional GoldA straight comparison with small gold coins on premium, liquidity and divisibility.
• 08Are Goldbacks a Good Investment?Where they make sense, where they do not, and who they suit.

Step 3

Collecting

Series, Alpha notes, Limited Early Releases and how to check a note is genuine.

• 01The Different Goldback Series ExplainedHow state series, denominations and security generations differ.
• 02State Series Ranked by CollectabilityA criteria-led comparison of the series, without resale promises.
• 03Alpha Goldbacks ExplainedWhat the α beside the mintage date means, and what it does not.
• 04Limited Early Releases ExplainedThe 3 Goldback, the merchant programme behind it, and published mintages.
• 05The 100 Goldback: Why It Was DiscontinuedWhich series carried the 100, and what it means if you own one.
• 06Goldback Security Features ExplainedThe tactile reverse, serials, microprinting and UV-reactive ink.
• 07How to Tell If a Goldback Is GenuinePractical checks before you buy from anyone other than a dealer.
• 08The Art Behind GoldbacksWho draws them, why every note carries a virtue, and what the symbols refer to.
• 09How Goldbacks Are ManufacturedVacuum deposition, the polymer layers and how the gold is measured.

Step 4

State-by-state guides

Each guide covers every denomination, its virtue and artwork, and where the series sits in a collection.

• UtahThe first series, and the first redesignedShop
• NevadaThe second series, now being redesignedShop
• New HampshireA five-note Revolutionary-era sequenceShop
• WyomingA five-note set from the early seriesShop
• South DakotaFive regional designs, 1 to 50Shop
• FloridaThe expanded ladder and the first LERShop
• OklahomaThe series that introduced the 3Shop
• ArizonaSouthwest artwork across the full ladderShop
• IdahoThe first ¼ and the last 100Shop
• CaliforniaA newer state, released in phasesShop
• Washington D.C.A single-issue 1 GoldbackShop
• Dallas Fort WorthThe only landscape GoldbackShop

Step 5

Owning, gifting and selling

Looking after notes, giving them, spending them by agreement, and selling them on.

• 01How to Store and Protect GoldbacksSleeves, handling, humidity and what to do with a damaged note.
• 02Goldbacks as GiftsWhich denominations suit which occasions, and how to present them.
• 03Weddings, Anniversaries and MilestonesChoosing notes for the big occasions.
• 04Goldbacks for ChildrenReal gold a child can hold, and the honest downsides.
• 05The Quarter GoldbackThe smallest note, and why it carries no worse premium.
• 06Can You Spend Goldbacks?Only by agreement in the UK. Where they are used and how.
• 07Can You Sell Goldbacks Back in the UK?The routes out, the spread to expect and what a buyer checks.

Background

The idea behind them

Why a gold note exists at all, and the sound-money thinking behind it.

• Why Were Goldbacks Created?The divisibility problem that a gold note set out to solve.
• Goldbacks and Sound MoneyWhere Goldbacks sit in the sound-money tradition, and where the comparison stops.
• Goldbacks and InflationWhat gold has and has not done for purchasing power, without overclaiming.
• What Are Silverbacks?The silver notes made with the same technology, and who should skip them.

Tools and services

Tools and services

Work out values, buy, store or sell.

• Pay with GoldbacksWork out how many Goldbacks settle a Yard Mint invoice.
• Shop GoldbacksEvery series we stock, priced in pounds, delivered from UK stock.
• Exchange or depositExchange Goldbacks, or deposit them into a Yard Mint vault.
• Sell your GoldbacksAsk for a quote. We buy Goldbacks as well as bullion coins.
• Vault storageInsured storage instead of a drawer at home.
• Goldback newsRedesigns, new releases and discontinued notes.
• GlossaryAlpha, LER, troy ounce and the rest, in plain English.
• Rates and feesOur published vaulting rates: storage, deposits and withdrawals.

Questions

Common questions

The short answers. Each links to the full guide.

Where should I start?

With What Are Goldbacks?, then Goldback Premiums Explained. Between them they cover what you are buying and what you are paying for.

Are Goldbacks a cheap way to buy gold?

No. They cost more per gram than bullion coins or bars, and choosing a larger denomination does not change that. If maximum gold per pound is the only aim, a Britannia or a Sovereign does the job better.

Can I sell Goldbacks back?

Yes. There is no official redemption window, so selling runs through a dealer, a collector or a willing merchant. Can You Sell Goldbacks Back in the UK? sets out the routes, and our Sell to us page takes quote requests.

Which series should I collect?

Pick the artwork you like, then use The Different Goldback Series Explained to see how complete a set can be and which denominations exist.

General information, not financial advice. Goldbacks are not legal tender in the UK. Prices include a premium over the value of the gold, and the price you can sell for is not guaranteed. Facts about Goldback series and releases come from Goldback, Inc.; see the sources listed in each guide.