It's interesting. And I guess it's easier than carrying around gold dust and needing precise scales. As long as the goldback is easy to verify and hard to counterfeit, it could work.
I've read about the times when gold was circulated commonly, over a century ago. Strange to think about it now, when the majority of people have never even seen gold coin at all, and nobody alive has spent one at face value.
It's interesting. And I guess it's easier than carrying around gold dust and needing precise scales. As long as the goldback is easy to verify and hard to counterfeit, it could work.
I've read about the times when gold was circulated commonly, over a century ago. Strange to think about it now, when the majority of people have never even seen gold coin at all, and nobody alive has spent one at face value.
I could not agree more.