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Hedge Against Inflation? Alternative Currency “Goldbacks” Catching On In Wyoming

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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.

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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.”

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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.

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“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.”

A waitress counts goldbacks at T-Joe’s Steakhouse and Saloon while Dan Walter checks an app that relays that day’s exchange rates. (Renée Jean, Cowboy State Daily)

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.”

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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.

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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.

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“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.”

  • 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.
    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.
    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.
    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.

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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.

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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.

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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.’”

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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.

  • A range of goldbacks from different states in the collection of bills T-Joe's Steakhouse and Saloon in Cheyenne has collected so far.
    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)
  • Wyoming goldbacks fan 9 26 22
  • 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.
    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.

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“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.

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Wyoming

Rod Miller: Mail Call Around the Ol’ Campfire

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Rod Miller: Mail Call Around the Ol’ Campfire


Sunset was an orange blush on the horizon over the Wyoming Range and beans simmered in Cookie’s cauldron. It had been a tough day on the trail, and the tuckered cowboys were in no mood for foolishness.

Powder River Pete waved a piece of paper in the wan firelight and said, “Lookee here what I got in the mail t’other day. Its a flyer tellin’ me they wanna sell me a new breed of cow that don’t need to eat.”

Pete passed the paper around to his confreres. “Says here them cows’ll get fat on a Walmart parkin’ lot. Says they’ll eat nothin’ but rocks an’ rattlesnakes an’ still pack on weight. Guaran-damn-teed!”

“What’s the price on them cows?” asked Rawhide Ricky from Rawlins. “They cain’t come cheap.”

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“It don’t say.” Pete appeared puzzled. “I guess yer s’posed to just trust ‘em an’ throw open yer wallet.”

Cookie gave the frijoles a stir and advised, “Ya gotta be careful readin’ what comes in the mail these days. There’s a lotta bullshit artists out there. It’s election season after all.”

“No kiddin’,” added Doc from Dayton, “I got a mailer from some yokels back east tellin’ me iff’n I bought their horse sight-unseen, or voted fer their candidate, I cain’t remember which, I wouldn’t regret it. They promised me that the critter would crap gold nuggets an’ make me a rich man.”

Low grumbles circled the ol’ campfire as the broncpeelers cussed anything that came from “back east”.

The Kaycee Kid brandished his spankin’ new smartfone and said, “It ain’t just the mail, pards. I got a text from some PAC in Ohio or somewheres, sayin’ my county commissioner was really an Iranian spy sent by the Ayatollah to harvest our precious body fluids.”

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Gus from Granger gasped and said, “Hell, I know your commissioner. He’s my cousin an’ a good ol boy. He ain’t never been outside o’ Sweetwater County. What the hell does a gomer from Ohio know about Wyoming anyhow?”

This prompted Joe the Wranger to pull a glossy door-hanger from his chap pocket. “Some asshole left this on the bunkhouse door. It says that Wyoming is fixin’ to be taken over by baby-eatin’ Bolshevik bombthrowers, an’ if we wanna save our Wyoming Values, we gotta vote fer these Freedom Caucus knuckleheads that came here from back east.”

Grumbling intensified around the ol’ campfire. The cussin’ ratcheted up and shootin’ irons were patted. A gruff voice or two growled, “Somebody oughta do somethin’ about this.”

Before the campfire rhetoric got too western, Cookie ambled up and waved his spoon at the angry throng.

“Y’all are actin’ like scared schoolkids,” he said, “whinin’ an’ carryin’ on like ya just heard a story ‘bout boogiemen. Wanna know why yer snifflin’ an’ cryin’ over them there messages from back east?”

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Wrinkly eyes were raised, as if to say, “Why’s that, Cookie?”

“Cuz y’all let yer bullshit detectors get rusty, that’s why! Ya ain’t kept ‘em clean an’ oiled so they work when the lies start a’flyin’.”

Cookie pointed his accusing spoon at each cowboy. It’s up to you bastids to get ‘em workin’ again, so ya don’t go cryin’ to momma every time someone flings bullshit yer way.”

Downcast eyes regarded toes of boots in the campfire light.

Cookie concluded, “Next time some dude from Detroit tells ya that “night is really day” or “tofu taste just like t-bone”, use yer God-given bullshit detector an’ consider the source. If something walks like a duck, quacks like a duck an’ smells like a duck, it sure as hell ain’t a horse. Think fer yerselves, dammit. Now, who wants coffee?”

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Rod Miller can be reached at: RodsMillerWyo@yahoo.com



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Wyoming Highway Patrol celebrates K-9 Reno’s career

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Wyoming Highway Patrol celebrates K-9 Reno’s career


The Wyoming Highway Patrol proudly announces the retirement of K-9 Reno, a Labrador Retriever who served faithfully for four years. Beginning her career with the WHP in 2021, K-9 Reno was assigned to Troop A in Laramie County.

K-9 Reno, a single-purpose drug detection canine, was purchased with 100% Federal HIDTA (High Intensity Drug Trafficking Area) funds. She was the first K-9 in Wyoming, and one of the first in the country, to be trained and certified on fentanyl.

During her career, K-9 Reno completed over 648 hours of training. She was deployed 234 times and was responsible for the seizure of:

  • 3,625 pounds of marijuana
  • 24 1/2 pounds of fentanyl
  • 13 1/2 pounds of methamphetamine
  • 29 grams of cocaine
  • 41 grams of heroin
  • 1 pound of other types of drugs, including illicit pharmaceuticals
  • $25,265 of drug proceeds
  • 5 firearms

Trooper JT Dellos, K-9 Reno’s handler, praised her contributions saying K-9 Reno played an integral role in apprehending many high-level criminals engaged in trafficking dangerous drugs into our communities. She benefitted the citizens and visitors of Wyoming due to her significant contributions.

K-9 Reno’s work included several notable deployments. On Feb. 12, 2022, K-9 Reno participated in an “open air sniff” at the Red Lion Hotel, leading to the arrest of Timothy J. Pearson for felony possession of 36 pounds of marijuana. Reno’s alert was helped in discovering the drugs, packaged in vacuum-sealed bags in the trunk of Pearson’s vehicle.

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“I initiated a free air sniff around a motor vehicle with my narcotic odor detector K-9, Reno. I previously observed the black-in-color sedan, bearing Florida registration on Interstate 80, traveling eastbound. I ultimately discovered the vehicle in the parking lot of the Red Lion Hotel, Cheyenne, Wyoming. After discovering the unoccupied vehicle, I deployed Reno around the exterior of the vehicle. Reno alerted to the presence of one of the four odors she is trained to detect,” the probable cause statement reads.

In a very busy day on Oct. 18, 2023, K-9 Reno was there for a traffic stop on Ames Avenue. Allan Jericho Housman and Danielle Alyssa Smith were charged with possession of methamphetamine after Reno alerted to their vehicle. Troopers found a small metal container with 40 grams of suspected methamphetamine.

A booking sheet states Smith pleaded with the trooper to let them go since they lived “just up there.” The trooper became suspicious of criminal activity, which led to K-9 Reno being deployed on their vehicle. After an alert by Reno, troopers searched the vehicle and found a small metal container with 40 grams of suspected methamphetamine.

Additionally, K-9 Reno played a role in another traffic stop on Interstate 80. Troopers discovered 13.7 pounds of suspected marijuana, 18 pounds of suspected THC wax, and other controlled substances in a vehicle driven by Brandon Tyler Espe and Curtis Barnes. Reno’s alert provided the probable cause needed for the search and subsequent arrests.

The trooper reported smelling marijuana in their vehicle after approaching to ask Espe, the driver, for his license. Espe reportedly did not have his license, instead producing a state identification card. Espe joined the trooper in the front of the patrol vehicle. The trooper deployed K-9 Reno, who alerted to the presence of drugs. Searching the vehicle, the trooper reportedly found 6,230 grams, or 13.7 pounds, of suspected marijuana; 8,190 grams, or 18 pounds, of suspected THC wax; 980 grams, or 2.16 pounds, of suspected THC liquid; 7 grams of suspected methamphetamine; and less than 1 gram of suspected cocaine.

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K-9 Reno was known for her skills and dedication. She loved coming to work and drew crowds with her sweet face and joyful presence. Her sweet face and joyful presence drew a crowd anywhere she went, and she loved showing off her skills at public events and in classrooms the announcment states.

The WHP expressed gratitude for K-9 Reno’s service. “The WHP is grateful for the dedicated service of K-9 Reno to the citizens and visitors of Wyoming, and wishes her a well-deserved retirement full of tennis balls and laying in the sun.”



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Grizzlies Fight Over Food Right Next To Wyoming Man’s Truck

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Grizzlies Fight Over Food Right Next To Wyoming Man’s Truck


Getting video of a grizzly mother and cub fighting over food, practically within arm’s reach, seemed cool enough to share on social media for a Cody man, but he didn’t expect it to catch fire.

“It was funny. It was just a typical day at work for me. I had no idea it was going to blow up like that,” Ryan Aune told Cowboy State Daily on Thursday afternoon.

It’s easy to see why it did. From inside the cab of his truck, Aune had his camera running when the sow and cub burst through the underbrush next to the road, each with their jaws clamped tight on some sort of carcass. They were fighting over control of the food even while on the move. Another cub runs alongside them.

Both bears are vocalizing while trying to get the meat from the other, an example that while grizzly mommas take good care of their cubs, they don’t always share. And it’s a lesson for the cub that as an apex predator, it takes what it needs.

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The video, which he posted Wednesday, already had more than 1.2 million views on Facebook by Thursday afternoon.

“That’s what it’s like living in Wyoming. What you think is normal is insane to other people,” said Aune, who owns Wyoming Wings & Waters guide service.

Reaction to the video has been mostly positive, although there have been some peanut gallery comments, he said.

“Somebody commented something like, ‘Great filming, said no one, ever.’ And I’m thinking, ‘Sure, you try being right next to grizzlies fighting and not flinch,” Aune said.

He took the video at 5:50 a.m. Wednesday alongside the highway between Cub Creek and Lake Butte in Yellowstone National Park, as he was on his way to meet a fishing client.

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It wasn’t his first close encounter with grizzlies. In 2019, Aune shot and killed a grizzly with birdshot from just a few feet away when it charged him near the Clarks Fork River.

Wildlife agents investigated the shooting and cleared it as a case legitimate self-defense, but Aune said the experience still made him sad.

‘I Could Feel Every Little Bit Of It’

Aune frequently drives into Yellowstone through the East Gate early in morning, so he’s used to seeing grizzlies and other wildlife along the way.

When he spotted some grizzlies coming out of the cover right next to the highway, he decided it was worth pulling over and maybe get some video.

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“It was like, ‘Oh, there’s bears, it looks like they’re playing. No, wait, they’re fighting over something,’” he said.

By time he his rig pulled over and he rolled down his window to shoot video on his smartphone, the grizzlies had retreated into the trees and brush. But he started recording anyway, just in case.

“All of the sudden, there comes momma grizzly out of the trees, straight at me,” Aune said.

And the cubs were right with her. One cub just seemed to be following along.

The other was tussling violently with its mother over a scrap of food.

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Exactly what it was they were fighting over, Aune isn’t sure.

“I think it was a marmot, but I’m not sure. I was more focused on safety at that point,” he said.

The mother grizzly and cub didn’t appear to be trying to hurt each other, but each was tugging mightily at the tasty treat, not wanting the other to get it.

They were growling and huffing ferociously.

The trio of bears was maybe 15 feet away from his open window.

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“I could feel the sound in my body. I could feel every bit of it,” Aune said.

The bears were completely caught up in what they were doing and didn’t seem to notice Aune or his truck.

“I’ve got a 2022 F-350, which is very noticeable,” he said.

After a few seconds of mighty struggle, the video ends with the cub claiming the prize and running back into the cover, with its mother and sibling close behind.

After viewing the video, Wyoming Game and Fish Large Carnivore Specialist Dan Thompson said it appeared to be a typical case of grizzlies struggling over who got the last bite.

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But whether the cub ultimately prevailed remains unknown, he told Cowboy State Daily.

“It looks to me like they’re having a tussle over the last scrap of food at the table, and junior won … for now,” he said.

  • Hunting and fishing guide Ryan Aune of Cody shot and killed this grizzly bear when it charged him near the Clark’s Fork River in 2019. Investigators deemed the shooting justified self-defense, but Aune said killing the bear saddened him. (Courtesy Ryan Aune, Wyoming Wings and Waters Guide Service)
  • Hunting and fishing guide Ryan Aune of Cody shot and killed this grizzly bear when it charged him near the Clark’s Fork River in 2019. Investigators deemed the shooting justified self-defense, but Aune said killing the bear saddened him.
    Hunting and fishing guide Ryan Aune of Cody shot and killed this grizzly bear when it charged him near the Clark’s Fork River in 2019. Investigators deemed the shooting justified self-defense, but Aune said killing the bear saddened him. (Courtesy Ryan Aune, Wyoming Wings and Waters Guide Service)

2019 Encounter Ending In Shooting

Aune said that Wednesday’s encounter gave him “flashbacks” to nearly being mauled in 2019.

He and his father were bird hunting along the Clarks Fork River one November day.

“We had just gotten finished burying a great bird dog, and we were just trying to make a bummer of a day into a good day by going hunting in that dog’s honor,” he said.

Aune was in what he described as a “tunnel of trees” near the river when he heard his father yell, “grizzly!”

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He heard some thrashing, and a grizzly cub appeared out of the cover in front of him. He shouted at it, and the cub turned to run toward the river.

“I turned to my left, and there was momma grizzly not about 10 feet from me,” he said. “I had nowhere to go, and I just started shooting.”

His semiautomatic Berretta 12-gauge was loaded with No. 6 birdshot. Those are small pellets made to knock upland gamebirds out of the air, not to take down angry grizzlies.

But at near point-blank range, the pattern was so bunched up that each blast hit almost like single projectile.

The bear was standing when Aune opened fire, and the first two shots hit it in the upper chest and neck area.

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The bear dropped to all fours and tried to charge, but the third blast “went right through the skull” and instantly killed it, Aune said.

He left the bear’s carcass and the empty shotgun shell hulls right where they fell so game agents could investigate the scene.

It’s illegal to shoot a grizzly in the Lower 48, unless it’s in self-defense. Investigators must be called to the scene as soon as possible.

Though he was cleared of any wrongdoing, and the bear appeared to have already been in poor bodily condition, Aune said killing the grizzly weighed heavily on him.

He was particularly saddened by orphaning the cub.

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“It took me a while to get over that,” he said.

He hopes that any future encounters with grizzlies will involve photos and video, not gunfire.

“I don’t wish that feeling on anyone. What you feel like when you have to kill something to save your own life,” he said.

Mark Heinz can be reached at mark@cowboystatedaily.com.



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