Liberty Dollar Vs. Goldback

Liberty Dollar Vs. Goldback

They used a version of “In God We Trust” (Trust in God)

Goldbacks have scripture on them, but nothing like “In God We Trust” or other mottos found on official coins.

They used the dollar sign ($)

Goldbacks never use the dollar sign ($) as they are not dollars. We don’t want anyone to think they are dollars.

They made it easy for themselves to be branded as anti-government because they openly had a university that preached the sovereign citizen movement and other groups deemed to be antigovernment.

Goldback Inc. does not do anything remotely like this.

They used many federal images such as the Statue of Liberty that may have confused many people into thinking that the currency was official.

Everything about the design of the Goldback was to ensure that even the most easy-to confuse American wouldn’t confuse a Goldback with a dollar. We use vertically-oriented women while dollars use horizontally-oriented men. Dollars are green while Goldbacks are gold. We have yet to meet anyone that thinks a Goldback is a dollar or any kind of official currency. We even put “privately issued” on the complementary currency (The Goldback).

They didn’t deny being U.S. dollar legal tender on the currency.

Goldbacks have language that affirms that they are not U.S. dollar legal tender. As of this writing, there may be debate as to whether or not Goldbacks could be considered state legal tender, but there is no language on the Goldback indicating that this is the case.

They used the exact same denominations as the Federal Reserve Note: 1, 5, 10, 20, 50.

This particular point is part of what led to the creation of the 25 Goldback denomination vs. a 20 Goldback denomination.

They had an aggressive mission statement against the Federal Reserve and positioned themselves as a competing currency to take down “the Fed.” (They named the organization NorFed.)

The Goldback is a complementary barter currency as well as a gold product. It can also be considered a local currency depending on the context. It is not a competing currency.

Liberty Dollar used multi-level marketing (MLM), with massive profit margins. They would sell a $4 (melt value) round of silver for $10. (This is a ~150% premium when 5-10% was typical for rounds.) Liberty Dollar was able to get coin stores to carry their product by offering them exorbitant profits. Then they would have the user pass it off as a $10 “coin” to someone that didn’t suspect that it was probably worth quite a bit less.

Most of the cost above melt with the Goldback is a result of the expensive vacuum deposition creation process. The actual pro􀀂t margins aren’t high enough for the government to make these claims. Nor does Goldback Inc. in any way use MLM.

When silver appreciated in price past about $7 per ounce, they melted the silver down and recast all the silver rounds, to say, “$20” instead of “$10”. The FBI cast this as disingenuous.

This point isn’t even applicable. We aren’t pegging the Goldback to the Federal Reserve note dollar.

The supposed stated intent of the Liberty Dollar was to undermine the U.S. Financial system. This, the FBI argued, was an example of domestic terrorism.

The Goldback is not a competing currency. It is a gold product designed to be conveniently used as a complementary or local currency. While some individuals may choose to use Goldbacks instead of dollars in some cases, this isn’t less true for other barter currencies or gold in general.



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