Alpha (α)

Goldbacks are voluntary, spendable gold notes made with embedded 24k gold, first launched in Utah in 2019. Over time, additional states were added, each with its own series that features allegorical virtues designed to reflect the values, culture, and natural elements of that state.

When a new state’s Goldbacks are introduced, a limited number of units—called Alpha Goldbacks—are released before full production begins. These initial batches are eagerly anticipated by collectors.

Timeline of notable Alpha releases:

• The first three states (Utah, Nevada, & New Hampshire) did not have an Alpha release
• Wyoming Alpha – released in 2022 (limited release)
• South Dakota Alpha – released in 2023 (limited release)
• Florida Alpha – released in early 2025 (much broader release)
• Oklahoma Alpha – expected to be released in 2025 but there hasn't been an official announcement, yet
• Arizona Alpha – expected to be released in 2025 but there hasn't been an official announcement, yet

• Scarcity
  Alpha runs are printed in small quantities. For instance, the Wyoming 50 Alpha produced only 1280, and the South Dakota Alpha 1 only produced 17,296. This scarcity enhances both their collectible appeal and potential resale value.
• First-Issue Prestige
  Like first-edition books or coins, Alpha Goldbacks are the earliest examples of a state’s series. Collectors often treat them as essential foundational pieces in any serious Goldback collection.
• Design or Production Variants
  In some cases, Alpha notes may have slight design or production differences compared to later issues, which can add appeal (e.g., richer color tones or early production quirks).
• Low Serial Numbers
  One of the most desirable traits in Alpha Goldbacks is a low serial number. Collectors compete to find and own the lowest-numbered notes, especially #001, #007, or similar iconic numbers.
  
  • These low-serial Alphas often command significant premiums above melt or even typical collector value.
  • Sets of sequential low serial numbers (e.g., 001–010) are especially prized.

While Alpha Goldbacks typically have a limited run, the Florida Alpha release in 2025 broke that trend with a much larger initial mintage, estimated to be several hundred thousand across all denominations.

Consequences of Florida’s High-Volume Alpha Release:

• Dilution of the Alpha Brand
  Collectors began to question the scarcity of Alpha Goldbacks in general, as Florida’s Alpha notes were readily available and easy to obtain, even months after launch.
• Market Oversupply
  The availability of Alpha notes for Florida across eBay, official distributors, and secondary markets flooded the collector space, which:
  • Depressed prices for Florida Alphas.
  • Caused some to reassess the value of earlier Alphas, like those from Wyoming and South Dakota.
• Undercut Collector Enthusiasm
  Many early collectors who had hoarded Wyoming and South Dakota Alphas as long-term speculative assets were discouraged by the large Florida release, which caused resale prices to soften across the board.

Despite the disruption caused by the Florida release, Alpha Goldbacks remain a critical component of the Goldback collecting landscape:

• They mark the inauguration of each state’s series, making them historically significant.
• The most serious collectors still aim to secure complete Alpha sets.
• Low serial numbers from Alpha runs remain highly sought-after and continue to sell at substantial premiums.

In summary:
Alpha Goldbacks combine scarcity, history, and competitive collecting appeal—especially when paired with low serial numbers. While the Florida Alpha's large mintage temporarily disrupted collector confidence, the long-term value of genuine early Alpha notes (especially from Wyoming and South Dakota) is likely to endure among serious collectors.

* 1200 South Dakota Alpha PMG graded sets were produced with an unknown quantity of others minted