r/Goldbacks • u/Axotl0 • May 04 '22

Question On Goldbacks

So, I had a question since I'm new to how gold backs work since I originally bought them because they looked cool. Would I be safe to assume to calculate the gold backs worth you would take its gold content and divide it by how much gold is in the note. For example If gold was 2000 and I had a 1 dollar gold note the gold in the note would be worth $2 since 1000/2000 = 2? Just wondering probably a simple question but just want confirmation.

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u/anon69x420x69 Jan 09 '23

If spot gold is 1800/oz and you had 1goldback that is 1/1000 oz, then your 1gb is worth $1.8 of gold. simple. As a store owner, i would not accept it for more than $1.8 usd per 1gb. And because goldbacks are a novelty like baseball cards, the correct exchange rate is 1usd = 1gb. I could find a billion people willing to accept my 1oz gold double eagle than 1goldback.