Wyoming
Hedge Against Inflation? Alternative Currency “Goldbacks” Catching On In Wyoming
T-Joe’s Steakhouse and Saloon owner Sherry Lyle collects about $1,000 a month in a type of currency that at first looks like it must come from a foreign country or a board game.
The flashy golden bills capture attention around the dining room whenever they come out, but were actually designed and developed specifically around Wyoming.
They’re called Wyoming goldbacks, and they are offered in denominations of 1, 5, 10, 25 and 50 online at wyominggoldbacks.com. Each denomination is decorated with art that showcases the Cowboy State while also highlighting a different virtue — liberty, loyalty, respect, and so on.
But what’s really unique about these bills is that they’re made of pure gold that has been laid down inside a protective polymer using the latest, cutting-edge technology.
The smallest denomination — a 1 — is 1/1000th of a troy ounce of gold. That bill has Devils Tower as a backdrop, with a buffalo, an eagle and sunflowers framing a Shoshone woman named Reverentia (Latin for “respect”).
The caption below her translates that idea to “revere what is sacred.”
The Art Of Business
It’s a work of art, and the beauty is part of the reason Lyle started accepting goldbacks at her restaurant. She likes collecting different kinds of currency.
She also likes that these bills were designed specifically for Wyoming.
“They’re unique to Wyoming and a couple of other states,” she said. “And it kind of shows our independent spirit.”
Lyle estimates that she has a party wanting to pay a check or tip a server in goldbacks about every other week.
Sometimes, the transaction confuses those who are watching.
“One of our servers was like, ‘Oh, we can tip our bussers in pesos?” Lyle recalled, laughing. “That was kind of funny, but like, ‘No, you can’t.’”
Because the currency contains real gold, the bills can gain or lose value over time with the value of gold. And like the commodity, gold mostly goes up in value.
Over time, Lyle has watched the value of her goldbacks rise, and now she actually has some from every state with a series — Nevada, New Hampshire, South Dakota, Wyoming and Utah, the latter being where the series first began.
“It doesn’t go up a ton,” she said. “But it’s just been a neat thing, and it’s nice to support the businesses that sell these. We will use them eventually, but we’ll always keep a couple just for, you know, the collector value.”
Apocalypse Not
T-Joes isn’t the only Wyoming business accepting goldbacks.
Adam Mathes, owner of A-1 Tire in Casper, started taking them about a month ago after one of his customers showed him a few of the bills.
He wasn’t looking at it from any sort of apocalyptic perspective. He just sees goldbacks as another option to differentiate his store from corporate chains.
“It looks like we’re the only tire store that will accept something like that around here,” Mathes told Cowboy State Daily. “Being a locally owned small business, I don’t know if some of the corporations would even consider that. So, it’s another way for people to see our business and to be able to have a different form of payment.”
Tyler McCann, owner of Cowboy Cuts in Pavillion, thinks goldbacks might serve as a great hedge against inflation, in case there are any more price surges.
“I think gold is more stable,” he said. “Even though it’s going up and down, I just see so much inflation that I would like to have that available for our customers.”
So far, neither of them have had any takers, but McCann was particularly keen.
“I think they are fascinating,” he said. “You can feel the difference in the weight between different denominations. You can almost immediately tell the difference when you hold them in your hand.”
In all, about 160 Wyoming businesses now accept goldbacks in an incredible range — pet stores, restaurants, barber shops, carpenters, auto parts and more.
It Came From A dream
Goldbacks arose from a dream that the company’s founder, Jeremy Cordon, had about some sort of an apocalypse or emergency.
“There was some sort of national emergency,” Goldback Chief Operating Officer Kevan Mills told Cowboy State Daily. “He didn’t know what it was, whether it was a war, or an earthquake, or what. But he was at a grocery store trying to buy groceries and everyone in the store was trying to pay with credit cards and dollars.”
The store owner wasn’t having it.
“We don’t take that here, it’s no good anymore,” the dream grocery store owner said.
Someone else came up to the owner with an impossibly thin, rectangular piece of gold, and offered that to the owner instead.
“Would you take this?” the customer asked.
“Gold?” the owner replied. “Absolutely I’ll take gold.”
It was then Cordon woke up and immediately called his business partner to tell him about the dream.
“We have to do this,” Cordon told him. “It’s incredibly important.”
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Jaquie Georgio, a waitress at T-Joe’s Steakhouse and Saloon, looks at a collection of goldbacks from various states. She has yet to receive a tip in them, but said they are cool looking and she would love to get one. (Renée Jean, Cowboy State Daily) -
Laura Hoch, from left, watches as her husband Chris sorts through their goldbacks while across the table, Caroline Walter watches and her husband, Dan Walter, checks exchange rates using the Goldback Company’s app. (Renée Jean, Cowboy State Daily) -
Jason “Junior” Lyle holds up a collection of goldbacks traded at T-Joe’s Steakhouse and Saloon for meals. The restaurant is one of 160 stores in Wyoming that are willing to accept goldbacks in exchange for services. (Renée Jean, Cowboy State Daily)
Making Gold More Practical
While the idea for goldbacks may have come from a dream, the bills do solve a practical, real-world problem for those who’d like to use gold for transactions.
A single gold coin weighing an ounce is worth just over $2,000 — a bit hard for most grocery stores, restaurants, beauty shops and the like to break down.
But a single goldback with a thousandth of an ounce of gold — worth about $4.66, according to Tuesday’s exchange rate — is a much easier denomination to work with.
“For perspective, a thousandth of an ounce, if you took a BB from a BB gun and cut it into 12 pieces, one of the pieces of that BB would be 1,000th of an ounce,” Mills told cowboy State Daily. “So how do you carry that around? If you’re going to carry that little teeny — I mean it’s not much bigger than few grains of sand.”
But gold is highly malleable, so a small amount of it can be spread very thinly.
“A 50-cent piece of gold, hammered to as thin as you can possibly make it would cover an entire football field,” Mills said. “That’s how thin you can make gold.”
Then, it’s just a matter of something to protect the integrity of such a thin sheet of gold, keeping it all intact so that every bill has exactly what it says it has regardless of trades.
That’s where the polymer comes into play. It both protects the thin layer of gold and makes it easy to carry around.
“Now you can put it in your wallet and carry it safely,” Mills said.
Goldbacks are also what’s called “fungible,” which means they are available in readily interchangeable denominations. Five 1s, for example, can be traded for a 5 goldback, which is 1/200th of a troy ounce, or 10 ones could be traded for a 10 goldback, which is 1/100th of a troy ounce. Denominations of 25 and 50 are also available, which are 1/40th and 1/20th of a troy ounce respectively.
At First Utah Was It
Although goldbacks can be used anywhere that a business is willing to trade in gold, the bills started out initially as strictly a Utah series. There was never any intention of doing goldbacks that highlighted other states, Mills told Cowboy State Daily.
But once the Utah goldback series started circulating, they almost instantly attracted interest from investors who wanted to see their states highlighted with a goldback series.
Soon, there were even sponsors willing to help front the cost of that.
Wyoming was actually the fourth state to get its own series, and the sponsor was Natrona County state Sen. Bob Ide, R-Casper.
Ide was not a state senator at the time he sponsored the development of the Wyoming goldback, just someone who Mills said was interested in seeing it happen.
Wyoming may have been the fourth state to get its own series, but it’s been tops when it comes to embracing goldbacks, according to investor Abram Taylor.
“Whenever I check Google trend reports, Wyoming is usually the top one or two every day of people looking them up,” he told Cowboy State Daily. “And whenever we have gone up to Jackson Hole to, you know, have lunch and get out of town, I always tip with goldbacks and they’re always very well received. The waitresses are always like, ‘Oh my, what is this? This is cool.’”
Taylor even recalls buying his wife an expensive fur coat in Wyoming, and was pleasantly surprised when the shop’s owner was willing to take goldbacks for the purchase.
Not only that, the shop owner seemed really eager to get them.
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A range of goldbacks from different states in the collection of bills T-Joe’s Steakhouse and Saloon in Cheyenne has collected so far. (Renée Jean, Cowboy State Daily) -
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A 1 Wyoming goldback contains 1/1000th of a troy ounce of gold laid down in a polymer that protects the gold and the artistic design. (Renée Jean, Cowboy State Daily)
The Midas touch
Goldbacks have had something of a Midas touch so far, trading in all 50 states and on every continent in the world except Antarctica.
Everyone who touches them seems to fall in love with them.
“So, our first year in business we did $250,000 in goldbacks,” Mills told Cowboy State Daily. “Our second year, we did $1 million dollars in goldbacks. Our third year, we did $6 million and our fourth year, we did $12 million. Last year, we did $34 million.”
Mills credits the exponential growth in part to the way gold can work as a hedge against inflation.
“In the two years since we released the Wyoming goldback in September 2022, the value of goldbacks has gone up by 28%,” Mills said. “So, if someone bought gold two years ago and then sold them to Alpine Gold for 5% under the daily rate today, they would have made 23%.”
Inflation rates from October 2021 to October 2022, by comparison, were 7.7%, according to the Consumer Price Index, making Goldbacks a clear winner for that particular time frame.
Mills said one important distinction to make with goldback bills is that they’re not meant to replace the U.S. dollar. They are what is called a local currency, of which there are about 3,000 in the United States.
“The federal government issues all the currency and there’s actually in the Constitution it’s written that states cannot produce their own currency and that nothing shall be used as money unless it be gold or silver,” he said. “So that’s what we do. We’re just giving people an alternative currency.”
Renée Jean can be reached at Renee@CowboyStateDaily.com.
If you’re planning on visiting Wyoming, for a truly authentic experience, you must include at least one of the state’s awesome downtowns in your travel plans. Positioned at the southern end of the 60-mile-long valley known as Jackson Hole, the character-rich town of Jackson is one such place to consider. A wonderful place to explore on foot, Jackson’s unique downtown, with its Old West vibe, spreads out from the intersection of Broadway and Cache Street. While it consists of just a few blocks, it is jam-packed with fun things to do, no matter what time of year you visit. Its impressive elk arch makes for an excellent photo opportunity, while the charm of its Old West heritage exudes from the historic buildings, cowboy-themed bars, and art installations across town. The wild past also comes to life in Jackson during the Jackson Hole Shootout at the Town Square, a tradition that has endured since 1957.
Town Square And The Elk Antler Arches
Though Jackson’s Central Park is officially known as George Washington Memorial Park, locals and visitors alike prefer to call it Town Square. Dedicated in 1934, this centrally located public space occupies the block at Broadway and Cache and is famous for the elk antler archers set at each of its corners.
Made entirely from naturally shed elk antlers, the first arch was erected by local Boy Scouts and Rotary Club members in 1953, with the other three added a few years later. Each consists of around 2,000 antlers collected from the nearby National Elk Refuge and is among the most photographed landmarks in Wyoming.
For a truly memorable experience, try to time a visit to coincide with ELKFEST. Held in May, this community-wide celebration attracts visitors from across the country for events like the Mountain Man Rendezvous, a reenactment of the state’s early fur trading years.
The main event, though, is the highly anticipated Elk Antler Auction. Bidders from far and wide turn up at Town Square to purchase antlers, which are then used to make everything from furniture to jewelry (proceeds going back to the Elk Refuge).
Jackson’s Cowboy Heritage
From Memorial Day through Labor Day, Town Square becomes the backdrop of the famous Jackson Hole Shootout. This fun (and free) mock gunfight has been entertaining visitors since 1957 and includes several costumed outlaws and lawmen shooting it out (with blanks, of course). You can add to the experience by hopping aboard the Jackson Hole Stagecoach, a ride aboard a century-old coach that loops around downtown.
The Old West theme is evident in other spots around the downtown core, too. Steps from Town Square, the Million Dollar Cowboy Bar has been around since 1937 and is set in what was once the town’s first bank in the late 1890s. Highlights include its hand-carved bar top with silver dollars embedded in it, as well as its cool saddle barstools. Live music is regularly scheduled on the stage that has seen such legends as Willie Nelson and Hank Williams Jr. perform.
The Wort Hotel is another downtown landmark you’ll want to include in your Jackson itinerary. A local fixture since 1941, it’s here you’ll find the famous Silver Dollar Bar with its custom-made S-shaped counter inlaid with 2,032 uncirculated (and therefore rare) 1921 silver dollars. You’ll also want to check out its priceless collection of original Western art.
Other Fun Stuff To Do In Downtown Jackson
In addition to its iconic bars, downtown Jackson also boasts a world-class food scene. Highlights include Persephone Bakery, its old-fashioned stone hearth turning out delicious baked goods, including croissants and artisanal bread. Also yummy, Cafe Genevieve occupies an old log cabin and serves breakfast and lunch with a Southern-inspired menu.
Jackson’s art scene is also worth a mention. Art galleries are plentiful in the downtown area, with establishments like Astoria Fine Art and Mountain Trails Galleries, both on Town Square, featuring works by local, national, and international artists. The Center for the Arts is another cultural high point and features performance spaces, visual arts studios, and an outdoor sculpture park.
Snow King Mountain
Another unique feature of Jackson’s downtown is its proximity to some of Wyoming’s best (and certainly most accessible) ski hills. The base of Snow King Mountain is just six blocks from Town Square and has been in use since 1936, and really took off when Wyoming’s first chairlift opened here in 1946.
Dubbed the “Town Hill” by locals, Snow King now consists of 500 skiable acres, 41 named runs, three chairlifts, an eight-passenger gondola, and night skiing. In warmer months, the action shifts to a thrilling Cowboy Coaster, a zipline, a treetop adventure ropes course, and an alpine slide.
The Snow King Observatory and Planetarium is another excuse to head for the hills from downtown Jackson. Located at the summit of Snow King Mountain, in addition to its large telescope, this must-see attraction features a planetarium theater and a rooftop observation deck boasting incredible views over Jackson and the Jackson Hole Valley.
Explore Jackson’s Not-So-Wild Side
Downtown Jackson has so much to offer visitors seeking an authentic slice of Wyoming life. From its unique elk antler arches to its art galleries and cowboy culture, as well as its unique position steps from the ski hills, few towns in the USA’s Mountain Region can match the long list of fun things to do in Jackson’s downtown core.
The expansion would open the spigot for 550,000 barrels per day of crude, the company says. Although the crude would mostly pass through eastern Wyoming, the venture opens opportunities for Wyoming oil producers in the region for more transportation access to U.S. refineries and shipping ports, according to Bridger and local industry officials.“It would be the biggest project in our history, if it comes to fruition,” Bridger Pipeline spokesperson Bill Salvin told WyoFile on Friday. “We are, however, in the really early stages of the project. But we’re very excited about it.”Industry trade groups speculate the Bridger Pipeline Expansion is part of a competitive scramble to fill a gap left by TC Energy’s Keystone XL project. That company, in 2021, abandoned the controversial project in the face of major opposition and protests. It would have transported Canadian tar-sands oil into the U.S. market via a route extending through Montana, South Dakota and Nebraska. Among many challenges for Keystone XL was acquiring new rights-of-way easements. Though the Bridger Pipeline Expansion proposal requires some new rights-of-way, that’s not the case for the 210-mile Wyoming segment, according to Salvin.“All of that distance is within, or parallel to, existing pipeline corridors,” Salvin said.
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The Wyoming segment would pass through Crook, Weston, Niobrara, Goshen and Platte counties.Bridger Pipeline, a subsidiary of Casper-based True Companies, submitted a notice of intent to the Montana Department of Environmental Quality in January and noted it will formally initiate environmental applications to the agency. Salvin told WyoFile he’s uncertain about the full spectrum of regulatory requirements in Wyoming.However, the company regards the Cowboy State as a great fit for the project, he said. “This [project proposal] just highlights how important the region is and how Wyoming is a very good place for energy projects like this.”Reached for comment, the Petroleum Association of Wyoming said the proposed pipeline only stands to benefit Wyoming producers and the state.“Investments like these, along with continued growth in areas like the Powder River Basin, show Wyoming will continue to play an important role in the nation’s energy markets,” PAW Vice President and Director of Communications Ryan McConnaughey told WyoFile. “Connecting in Guernsey allows product to be transported to refining hubs like Cushing, Oklahoma.” WyoFile is an independent nonprofit news organization focused on Wyoming people, places and policy.
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LARAMIE — Nasir Meyer converted a three-point play with 35 seconds remaining to give Wyoming Cowboys men’s basketball the lead for good, and Wyoming held Air Force Falcons men’s basketball scoreless over the final two minutes to secure a 66-62 victory Saturday night.
The win marked the 13th home victory of the season for Wyoming, which improved to 16-13 overall and 7-11 in conference play.
“Air Force deserves all the credit and let’s talk about a team that has every reason not to fight, but thats why they are Air Force and the cadets and I have a lot of respect for them,” Wyoming coach Sundance Wicks said. “They were not going to quit, and I didn’t drive that message home enough and hats off to Air Force because they deserved to win. We snuck away with a win. Adam Harakow showed when we need him and he was massive for us. Simm-Marten was made big plays and Naz was clutch for us late.”
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Wyoming shot 35% from the field and went 7 of 28 from 3-point range, making just two from beyond the arc in the second half. Air Force shot 49% overall and 44% from 3, hitting eight shots from long distance. The Cowboys made 13 of 16 free throws (81%) and scored 22 points off 15 Air Force turnovers while holding a 39-36 edge in rebounding.
Damarion Dennis led Wyoming with 16 points and three assists, going 7 of 8 from the free-throw line. Meyer finished with 14 points and tied a career best with eight rebounds. Adam Harakow added 14 points off the bench on 5-of-6 shooting, his first double-figure scoring game since the first meeting with Air Force. Simm-Marten Saadi had nine points in 13 minutes, and Kiani Saxon grabbed seven rebounds.
Air Force opened with back-to-back 3-pointers to take a 6-0 lead. Meyer scored Wyoming’s first basket, and Leland Walker added a 3-pointer to make it 8-5 with 16 minutes left in the first half.
Wyoming responded with a 9-0 run over nearly four minutes, with Saadi and Harakow each connecting from beyond the arc to give the Cowboys an 11-8 lead with under 14 minutes remaining. Air Force regained a 12-11 advantage as Wyoming went scoreless for more than two minutes.
Harakow’s second 3-pointer pushed the lead to 22-16 with nine minutes left in the half, and Wyoming used a 6-0 run while holding the Falcons without a field goal for more than four minutes to build a 28-18 lead with six minutes remaining. The Cowboys closed the half on a defensive stand, keeping Air Force scoreless for the final two minutes to take a 35-25 lead into the break. Wyoming scored 15 first-half points off turnovers.
The teams traded 3-pointers early in the second half, and Air Force cut the deficit to 40-31 with under 17 minutes left before trimming it to seven 90 seconds later. Walker answered with a 3-pointer to make it 43-33 with 15 minutes to go.
Air Force used a 9-0 run during a stretch in which Wyoming went more than 3 1/2 minutes without a point to pull within one with nine minutes left. The Falcons later tied the game at 51-51 with 5:30 remaining after forcing six straight missed shots.
A pair of free throws by Meyer and a basket from Saadi gave Wyoming a 57-53 lead with under four minutes to play. Air Force answered with three consecutive 3-pointers from Kam Sanders to take a 62-59 lead with two minutes left.
Meyer scored with 90 seconds remaining to cut the deficit to one. On the next trip, he converted an and-one to give Wyoming a 64-62 lead with 35 seconds left. The Cowboys added late free throws to close out the 66-62 win.
Sanders led Air Force with 16 points and nine rebounds, going 4 of 5 from 3-point range. Eli Robinson added 12 points on 5-of-7 shooting.
Wyoming closes its home schedule Tuesday against Nevada Wolf Pack men’s basketball at 8 p.m. as part of a doubleheader with the Cowgirls.
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