Goldback has announced the expansion of their wildly popular currency to include a sixth state series. After producing unique bills for their five denominations for Utah, Nevada, New Hampshire, Wyoming, and South Dakota, the precious metals manufacturer is adding a Florida series. With 22 million residents, it’s the third most populous state and by far the largest state in their inventory.
As such, many people have been inclined to get rid of our dollars and hold our savings in more stable forms of money, such as gold and silver. Many people who are concerned for their families’ financial wellbeing would love to see this bill passed into law. Astute people hold a large portion of the wealth in the form of gold and silver. Especially in New Hampshire, an ever-increasing number of establishments are accepting gold and silver as payment. But we do need to pay taxes to the state and local governments. Currently, the government only accepts dollars.
If New Hampshire cut ties to DC and no longer participated in the union, what would we use for currency? Many people have asked this question, and some have openly admitted to being afraid of how we would function as a society without using ‘the mighty dollar’.
Gresham’s Law states that in a competition between currency, bad money will win out over good money over time, in other words, the average person will be more likely to use their US Dollars to purchase goods and services over their Goldbacks because the gold will maintain value, while the US Dollar won’t. Shaffer gave his answer to the dilemma of Gresham’s Law.
The New Hampshire goldbacks are unique and gorgeous, and the 10 features a lady sitting on a cannon, while the 25 includes the famous state motto of “LIVE FREE OR DIE”.
Unlike the Federal Reserve’s decreasingly valuable paper notes, the goldbacks contain within them a scarce commodity of inherent and time-tested value: gold.