Today's economic climate seems to be changing from one day to the next. Doing some reflecting this week got me thinking about the value of gold and whether it would be beneficial to have some in store in case of an economic collapse. If paper money has no value, what would we use to buy and sell goods, aside from a barter system?
After deeper research I came across an interesting article about a company in Utah who is printing their own currency, called Goldbacks, that have weighted gold built into the money.
In the event of economic insolvency where printed money would have no value, these bills that contain real gold would have monetary value as well as bartering value.
The Utah series was the first Goldback series available in 2019. Nevada and New Hampshire are scheduled to be done in 2020. There are many projects in the works. Goldbacks may be used anywhere people chose to accept gold.
Considering all the changes and uncertainty 202 has brought, I think we've all been awakened to the idea that our world is changing. Things we would have laughed off as ridiculous before are now are reality. Wearing masks in public, stay at home mandates, "social distancing", closing a business or church because there are too many patrons! So why not consider the possibility that our economic and currency situation could change? Today, I'm not ruling much out!
Just from a practical standpoint here are some of the reasons this money (or similar) could be worth looking into in the future:
Easy way to own and carry fractional gold that can be spent.
Affordable to collect in small denominations.
Alternative money source that typically holds and gains value over time.
Currently the drawbacks are:
It's not widely accepted as a currency, thought it is legal.
If you're interested in learning more about Goldbacks, this is a link the their FAQ page.