Gold price is at an all time high, currently over $2800/ounce, so let's take a look at the new Florida 2 Goldbacks.
The first thing I noticed about this one are the words, "negotiable instrument", printed just under Goldbacks.
Looking back over a couple of the other state series Goldbacks, I see this phrase has changed a couple of times. The Wyoming and Nevada Goldbacks say, "Specie Legal Tender Instrument". The Utah Goldbacks I have say, "Voluntary Local Currency".
I wonder if they changed this due to some legal reason or if it's just a design thing? From what I understand anyone can sponsor a Goldbacks state series. Of course there is a minimum number that need to be purchased, but if you do you get some input into the design.
They have a lease program, so if you have the money to lay out for a new series, you can get a small return. This is from the Goldback website:
The model for creating a new Goldback series is based on the concept of Goldback Leases. For example, if you were living in Alaska and wanted your own locally-themed Goldbacks, you could theoretically purchase a few hundred thousand dollars worth of Goldbacks and then lend them back to the company in order to sponsor the creation of the Alaskan Goldback. These borrowed Goldbacks would then be used as rotating inventory for the State of Alaska Goldback series. In return for leasing the Goldbacks, one could expect to receive a 3.5% return on an annual basis, thus putting your gold to work and taking advantage of this rare opportunity to realize a return in gold on gold.
These things are notoriously difficult to photograph :(
Greg is not impressed.
