UTAH Local 'Goldback' currency gaining traction during pandemic
ALPINE — A new local currency is gaining traction in the age of COVID-19. As we jump into the holiday shopping season a growing number of small businesses across the state now accept what are called "goldbacks."
"I think we usually call it a complementary currency," said Jeremy Cordon, president of Goldback.
The company based in Alpine launched in 2019, producing and selling gold that's broken down and encased in two layers of polymer.
"You tell them they have a thousandth of an ounce of gold and it cost three bucks? It just captures the imagination immediately," Cordon said.
They first started selling goldbacks out of their office to people in Utah as a local currency. It has since grown and now most of its sales come from out-of-state through several online retailers in the precious metal arena.
"Because normally if you want to buy gold you're looking at like a $2,000 coin. And that prices most people out," Cordon said. "It's not that people don't want to own gold — it's just that's a very high bar to start owning gold. If that price is $3, everybody can own gold." …Steinman was among the first businesses to agree to accept the currency and be featured on Goldback's website.
"Who really knows what's set for the future. But having physical gold in your hand definitely helps," he said. Steinman said they don't see goldbacks come through their caramel apple shop often, but when they do, they look up the current exchange rate on Goldback's website and then offer change in dollars in return for the purchase.
The goldback also comes in a five, which contains five times the amount of gold as the one, and a 10, 25 and 50 — each one larger than the previous.
https://www.ksl.com/article/50057138/local-goldback-currency-gaining-traction-during-pandemic
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https://www.ksl.com/article/50057437/monolith-disappears-rock-pile-and-mini-pyramid-now-in-its-place
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