Legal Tender and Goldbacks

Based on Article 1, Section 10 of the US Constitution, eleven of the 50 states have approved bills to make gold and silver legal currency within their states. This will eliminate capital gains taxes/sales taxes on the two precious metals. Importantly, some of these states will use a small percentage of their state funds to acquire gold as reserves to act as a hedge against runaway inflation and to boost pension funds.

Granted, these steps are small, but at least they are heading in the right direction. While the states that haven't passed bills for gold and silver to become legal currency, most of them like Virginia do not charge a sales tax when purchasing precious metals. Other states have conditions before they exempt sales tax.

Four states have issued goldbacks as a way to make transactions within their own states. I purchased two Wyoming goldbacks because I like the art. The following pictures do not justify how shimmering these species really are. The third pic are the ones I purchased and keep them in my stamp collection binder.

They are very artistic @Periodic Table! I've seen them for sale on Facebook, but the images haven't been as detailed as yours. Very interesting to have a closer look

I have seen these and I have never been one to say yes and take one on. Personally if I am buying gold, i want something I can melt if I need to.
the same with silver.

Bondie wrote:They are very artistic @Periodic Table! I've seen them for sale on Facebook, but the images haven't been as detailed as yours. Very interesting to have a closer look

You could always buy a one dollar goldback as they are low in cost. That way, you'll see just how reflective it is.

Admin wrote:I have seen these and I have never been one to say yes and take one on. Personally if I am buying gold, i want something I can melt if I need to.
the same with silver.

It's the work of art and their use within those states that attracted me to these goldbacks. And the low denominated ones are cheap. For me, it's enjoyable just to have these two examples.

I can not remember who sent me some gold in a card... but it was .1g etc... I like them because they are just sealed pieces / bars of pure gold.

I might look to buy a few gold backs. I seen them on facebook being advertised.... they are cheap enough to buy a few for laughs.

Admin wrote:I can not remember who sent me some gold in a card... but it was .1g etc... I like them because they are just sealed pieces / bars of pure gold.

I might look to buy a few gold backs. I seen them on facebook being advertised.... they are cheap enough to buy a few for laughs.

One thing I thought about was they reminded me of when I used to collect football cards. I played football and admired the professional players when I was young. Collecting cards was an offshoot of my interest in football. Buying a few goldbacks was something that derived from my interest in the investment of precious metals.

Periodic Table wrote:

Admin wrote:I can not remember who sent me some gold in a card... but it was .1g etc... I like them because they are just sealed pieces / bars of pure gold.

I might look to buy a few gold backs. I seen them on facebook being advertised.... they are cheap enough to buy a few for laughs.

One thing I thought about was they reminded me of when I used to collect football cards. I played football and admired the professional players when I was young. Collecting cards was an offshoot of my interest in football. Buying a few goldbacks was something that derived from my interest in the investment of precious metals.

I collected Garbage Pale Kids cards, whilst my friend was a HEAVY ( in so many ways ) baseball collector.

He has a entire room of his house with cards that are apparently worth tens of thousands. Plus signed this and that... he is a red sox fan so say no more.

I wish I kept my cards instead of using them as bmx mufflers and or sticking them onto car windows.. lol.

Never heard of Garbage Pale Kids cards @Admin. Had to look them up. Read they were a funny take on the Cabbage Patch kids.

Periodic Table wrote:Never heard of Garbage Pale Kids cards @Admin. Had to look them up. Read they were a funny take on the Cabbage Patch kids.

OMG really????

They were brilliant and amazing satire for that time. MAD Magazine did a whole thing with them. They had bubble gum sticks inside... which were always rock hard. But yeah

UP CHUCK

Atom Bomb.. LOL

Speaking of Garbage Pail Kids, I see MK Barz has a sale on at the moment, featuring (among other things) two limited - 500 - edition poured 4 oz bars with Adam Bomb and Jolly Roger from the GB Kids. Pricy even in the sale, but not as much as the Chameleon.

The Cat's Mother wrote:Pricy even in the sale, but not as much as the Chameleon.

So the chameleon is being used as the benchmark for over the top premiums. That's fine for those of us who purchased it. Little secret here. When you rub the back of the coin, the chameleon's tongue pops out.

My next out of this world premium purchase will be the Vault by CIT. Comes in at 3 ounces and it looks spectacular.

I don't believe you @Periodic Table . I think you have to show it some tasty insects before it'll put its tongue out.
The Chameleon does have a pretty high premium, but it is 2oz, and the Germania Beasts 2oz versions, and 2x1oz black and gold come in at the same high level. There are others that boggle the mind: the CIT Numismatic Icons are eye watering, and I don't like to think about what I paid to complete my Silver Shield Sacred Geometry series. I don't regret it, but I don't like to think about it.
The Vault does look amazing.

The Cat's Mother wrote:I don't believe you  @Periodic Table . I think you have to show it some tasty insects before it'll put its tongue out.
The Chameleon does have a pretty high premium, but it is 2oz, and the Germania Beasts 2oz versions, and 2x1oz black and gold come in at the same high level. There are others that boggle the mind: the CIT Numismatic Icons are eye watering, and I don't like to think about what I paid to complete my Silver Shield Sacred Geometry series. I don't regret it, but I don't like to think about it.
The Vault does look amazing.

Just kidding TCM. Totally understand the high premiums for many coins. It's a bite to be sure. That's why I keep my tongue in when I see mouth watering coins online or videos by @Admin.
Considering my home decor has been done, the next best idea was to invest in basic PMs and art-like ones. Large investment but small in storage and display. I'll have to look up what your silver Shield Sacred Geometry series is.

@The Cat's Mother, I just checked out samples of the silver Shield Sacred Geometry series. They a very beautiful and quite expensive as you said.

The quickest way would be to search eBay: search for Silver Shield Sacred Geometry under 'coins'. There were 18 originally, but the mint seems to have started the series up again, and now there's twenty. Added to the price, for me, is the daylight robbery postage costs and the VAT added by eBay, although it's fair to say I did get a fair number from dealers' own websites.

You beat me to it Steve.

The Cat's Mother wrote:The quickest way would be to search eBay: search for Silver Shield Sacred Geometry under 'coins'. There were 18 originally, but the mint seems to have started the series up again, and now there's twenty. Added to the price, for me, is the daylight robbery postage costs and the VAT added by eBay, although it's fair to say I did get a fair number from dealers' own websites.

I can imagine the investment you made with these coins TCM. Just looking at the costs on eBay and other sites is fairly mind blowing. Don't know if they were that expensive when you started acquiring them. Nonetheless, they are a beautiful collection to have.

@Periodic Table , not all of them were so expensive as once I got into them I bought on pre-sale as they came out. It was the catching up that was really expensive. The way the series operate is that the mint only produces rounds to meet the pre-issue orders, so if a round isn't popular it is a very limited edition indeed. Unalome is an edition of 555, for example. The Lunar series are also a case in point: the V2 and V3 Year of the Ram are issues of 300, and the Year of the Dog even less popular (V2 - 221 and V3 - 203). Customers aren't limited to one round and a number of people buy a few with a view to selling on later, at a significantly enhanced rate. The rounds do seem to appreciate in value very well, and I couldn't get any of the ones I have now for the price I paid, even the catch-ups.

The Cat's Mother wrote: @Periodic Table , not all of them were so expensive as once I got into them I bought on pre-sale as they came out. It was the catching up that was really expensive. The way the series operate is that the mint only produces rounds to meet the pre-issue orders, so if a round isn't popular it is a very limited edition indeed. Unalome is an edition of 555, for example. The Lunar series are also a case in point: the V2 and V3 Year of the Ram are issues of 300, and the Year of the Dog even less popular (V2 - 221 and V3 - 203). Customers aren't limited to one round and a number of people buy a few with a view to selling on later, at a significantly enhanced rate. The rounds do seem to appreciate in value very well, and I couldn't get any of the ones I have now for the price I paid, even the catch-ups.

Though I never considered the production of rounds to be based on the number of pre-issue orders, it's a relief to know you bought some on pre-sale when you first started. Plus the fact that all of your rounds have appreciated in value makes this series all the better.

I have to admit that I don't like buying pre-sale coins/rounds because I won't know when they finally arrive at the dealer. The Vault is a good example.

I agree with you Steve, but that's how Silver Shield operate so I have to go along with it or pay the price. The dealer I used was very trustworthy and reliable, unfortunately he's retired now, and sent out a mailing list with what rounds were imminent so we could decide if we wanted one at issue price. There was a long wait to be sure, but it added to the excitement when they arrived. Silver Shield are the exception though, and I don't pre-order other than that. I'll flag up an interest, but not part with money up front.

The Cat's Mother wrote:I agree with you Steve, but that's how Silver Shield operate so I have to go along with it or pay the price. The dealer I used was very trustworthy and reliable, unfortunately he's retired now, and sent out a mailing list with what rounds were imminent so we could decide if we wanted one at issue price. There was a long wait to be sure, but it added to the excitement when they arrived. Silver Shield are the exception though, and I don't pre-order other than that. I'll flag up an interest, but not part with money up front.

Thanks for clearing up the matter with Silver Shield TCM. And I'm glad they are the exception. The interest flag is a great tool for pre-sale and available coins/rounds. Because really, I can't afford to buy them all at once. For me, it's a very slow process.

Periodic Table wrote:

The Cat's Mother wrote:Pricy even in the sale, but not as much as the Chameleon.

So the chameleon is being used as the benchmark for over the top premiums.  That's fine for those of us who purchased it. Little secret here. When you rub the back of the coin, the chameleon's tongue pops out.

My next out of this world premium purchase will be the Vault by CIT. Comes in at 3 ounces and it looks spectacular.

Bud do you know the price of this coin yet?

IF so I am VERY interested.

PM me and we can talk. I might ask you to buy one on my behalf if that is ok.... Thanks in advance. You saved my bacon once already.