Maryland

The Old Line State’s Golden Past

Maryland, the "Old Line State," has a surprising golden history. Gold was discovered along the Potomac River in the 1860s, sparking a mini-rush with over a half-dozen mines near Great Falls by 1901—some just miles from Washington, D.C. Though small compared to Western strikes, Maryland’s gold legacy persists in streams and lode deposits across its northern and central regions. The Goldback—a voluntary, spendable gold currency—revives this heritage, offering Marylanders a tangible link to their past. In a state that’s stood firm since the Revolution, why not embrace gold as a modern treasure?

Legislative Opportunity: A Golden Shift

Maryland’s legislature can make gold transactions thrive. Currently, gold and silver face a 6% sales tax under Maryland Code, Tax-General § 11-104 for purchases below $1,000, and capital gains taxes apply per § 10-103. But momentum is building. In 2024, House Bill 1043 (HB 1043) proposed exempting precious metals from sales tax, stalling in committee. As of February 2025, a revised HB 1043—now aiming to nix both sales and capital gains taxes and explore gold as legal tender—has passed the House Ways and Means Committee, awaiting full House vote. If enacted, Maryland could join states like Utah, making Goldbacks a seamless option.

Economic Resilience and Maryland Pride

The Goldback strengthens Maryland’s economy and spirit. Starting at 1/1000th of an ounce, it’s ideal for small buys—from Annapolis’s crab cakes to Frederick’s craft fairs. With inflation looming, its gold backing offers stability, echoing Maryland’s steadfast nature. Imagine a Goldback series showcasing state icons: the Chesapeake Bay, Harriet Tubman, or the State House. These notes would be collectibles, boosting tourism and pride. Businesses adopting Goldbacks could attract sound-money fans, while dealers thrive under tax relief. This is Maryland’s chance to shine—economically and culturally.

Maryland-Specific Goldback Designs

Here’s how Maryland’s Goldback denominations could honor its significant people and places:

• 1 Goldback (1/1000 oz): Features a prospector at Great Falls, recalling the 1860s gold rush along the Potomac that surprised the nation.
• 5 Goldback (1/200 oz): Depicts Harriet Tubman on the Underground Railroad, honoring her Dorchester County roots and fight for freedom.
• 10 Goldback (1/100 oz): Showcases the Maryland State House, its golden dome aglow, symbolizing America’s oldest state capitol in continuous use.
• 25 Goldback (1/40 oz): Highlights Francis Scott Key at Fort McHenry, penning "The Star-Spangled Banner" amid 1814’s battle glow.
• 50 Goldback (1/20 oz): Pictures a Chesapeake Bay blue crab, golden in the sun, celebrating Maryland’s maritime and culinary heritage.

These designs turn the Goldback into a tribute to Maryland’s history and character, blending value with legacy.

A Golden Call to Lead the Mid-Atlantic

Utah, Nevada, and others have Goldbacks, but Maryland can lead the Mid-Atlantic. With HB 1043 advancing, a gold mining past, and a knack for resilience, Maryland is poised to pioneer this currency in the region. Let’s urge the General Assembly to pass HB 1043 and launch a Maryland Goldback series. Imagine gold in every hand—from Baltimore to Ocean City—proving the Old Line State isn’t just a historical anchor but a golden frontier. The time is now.

Rise up. Make Maryland golden.