What are people thoughts on Goldbacks?

[CazLikesCoins]

Personally I find the idea of owning an actual piece of gold rather than a promissory note compelling. They're also rather pretty, well they would be being gold. I'd find a golden teapot pretty lol.

 

[Guest]

Aye the shiny stuff... Makes one feel as if one was Smaug, probably just as mad.

[TheShinyStuff]

I like them, I have a set of the small ones. They are economic lunacy though! That said I'll likely get some more, they are pretty and cool. Would probably be nice framed as a set.

[JamesH]

29 minutes ago, TheShinyStuff said:

I like them, I have a set of the small ones. They are economic lunacy though! That said I'll likely get some more, they are pretty and cool. Would probably be nice framed as a set.

Exactly this. Financially makes zero sense but they look good and are a nice talking point without letting on you’re into coins/bars etc

[daca]

Waste of time and money (cheapest oz in goldbacks ~ 3500usd)

[TheShinyStuff]

4 minutes ago, daca said:

Waste of time and money (cheapest oz in goldbacks ~ 3500usd)

Don't hold back. What do you really think about them🤣?!

[HonestMoneyGoldSilver]

Cool but absurd premiums

Constitutional silver is the best barter currency by a million miles. Issued by government, undisputed legal tender, recognised worldwide, fractional, in bountiful supply and rarely/never faked (felony, difficult to do, risk/reward not worth it)

Goldbacks are really only applicable to certain states within the US market but those states/businesses also accept gold and silver bullion (999 or better). I don't see why you'd choose goldbacks over constitutional silver or regular bullion considering the prevalence and low premiums of junk/bullion

[TheShinyStuff]

22 minutes ago, HonestMoneyGoldSilver said:

Cool but absurd premiums

Constitutional silver is the best barter currency by a million miles. Issued by government, undisputed legal tender, recognised worldwide, fractional, in bountiful supply and rarely/never faked (felony, difficult to do, risk/reward not worth it)

Goldbacks are really only applicable to certain states within the US market but those states/businesses also accept gold and silver bullion (999 or better). I don't see why you'd choose goldbacks over constitutional silver or regular bullion considering the prevalence and low premiums of junk/bullion

By that rationale why would anyone spend £40k on a Rolex et al when a five quid casio will tell the time just as well? 

[Gordy]

5 hours ago, CazLikesCoins said:

Personally I find the idea of owning an actual piece of gold rather than a promissory note compelling. They're also rather pretty, well they would be being gold. I'd find a golden teapot pretty lol.

 

I have one.... dont know why..... but I'd let it go in a flash.... 

[HonestMoneyGoldSilver]

1 hour ago, TheShinyStuff said:

By that rationale why would anyone spend £40k on a Rolex et al when a five quid casio will tell the time just as well? 

That's not a fair comparison. It's not the aesthetics or the brand that creates the value in goldbacks but the underlying commodity and (semi-)legal tender status. Gold and silver are not brands they are elements. It's about sound money not about bling, there's also the legal tender aspect with goldbacks being only semi-legal or optional currency same as bullion whereas constitutional is legal tender in every state and was minted by the US government. 

[CazLikesCoins]

Shame there's not much love for the goldbacks. I was looking forward to starting a little stack imagining them to be worthy of such, seeing them become widespread, getting them in the change at Tescos, and getting paid with them. Think I'll buy a gram of gold to take the edge off, I'm getting a bit feverish now my goldback dream is in tatters lol

[Gordy]

2 minutes ago, CazLikesCoins said:

Shame there's not much love for the goldbacks. I was looking forward to starting a little stack imagining them to be worthy of such, seeing them become widespread, getting them in the change at Tescos, and getting paid with them. Think I'll buy a gram of gold to take the edge off, I'm getting a bit feverish now my goldback dream is in tatters lol

make me an offer and its yours sweet cheeks

[Dazlenk]

I was thinking of getting some of these, framing them and putting them up on the wall, they've always looked quite aesthetic to me. One thing I was never sure of though, how big are they?

[Gordy]

2 minutes ago, Dazlenk said:

I was thinking of getting some of these, framing them and putting them up on the wall, they've always looked quite aesthetic to me. One thing I was never sure of though, how big are they?

12cm x just over 6cm.....

[Dazlenk]

2 minutes ago, Gordy said:

12cm x just over 6cm.....

Cheers! quite small really then. I was hoping they'd be bigger, thus giving quite a nice display once framed. I might still still have a crack though.

Edited May 17, 2023 by Dazlenk

[CazLikesCoins]

1 minute ago, Gordy said:

make me an offer and its yours sweet cheeks

My willpower won't be able to stop at one. It'll be yours at first and then scouring the forum in rabid obsession looking for more. Then the armchairs'll get sold and I'll end up in living in a box in someones garden using the things for wallpaper wondering why I didn't call a hard limit on going below half sovereigns before going bankrupt through goldback premiums 🤣

[HonestMoneyGoldSilver]

12 minutes ago, Dazlenk said:

Cheers! quite small really then. I was hoping they'd be bigger, thus giving quite a nice display once framed. I might still still have a crack though.

Same width as US currency notes but a little shorter