New Jersey

The Garden State’s Golden Roots

New Jersey, the "Garden State," has a rich history of commerce and innovation—from its Revolutionary War ironworks to its modern role as a financial powerhouse near New York City. While not a gold mining state, New Jersey’s wealth is legendary, with tales of pirate gold off Cape May and its current status as a hub for precious metal refining. The Goldback—a voluntary, spendable gold currency—fits this legacy, offering a stable, tangible alternative that echoes the state’s entrepreneurial spirit. Let’s plant gold in the Garden State’s fertile ground.

Legislative Goldmine: New Jersey’s Breakthrough

New Jersey’s legislature has struck gold for sound money. On September 12, 2024, Senate Bill 721 (S721) was signed into law by Governor Phil Murphy, exempting gold and silver bullion and coins from the state’s 6.625% sales tax, effective immediately. This builds on earlier efforts like Assembly Bill 5285 (2021), which laid the groundwork for tax relief. While capital gains taxes remain under N.J.S.A. 54A:5-1, S721’s passage—unanimously supported by both chambers—cracks open the door for gold use in everyday transactions, making New Jersey a Goldback pioneer in the Northeast.

Economic Resilience and Jersey Pride

The Goldback empowers New Jersey’s economy and identity. Starting at 1/1000th of an ounce, it’s perfect for small purchases—from Asbury Park’s boardwalk treats to Trenton’s street markets. With inflation eroding fiat value, its gold backing offers stability, resonating with Jersey’s tough, practical ethos. Imagine a Goldback series showcasing state icons: the Pine Barrens, Edison’s lab, or the Shore. These notes would be collectibles, boosting tourism and pride. Businesses adopting Goldbacks could attract sound-money fans, while dealers thrive under the new tax law. This is New Jersey’s chance to glitter.

New Jersey-Specific Goldback Designs

Here’s how New Jersey’s Goldback denominations could celebrate its significant people and places:

• 1 Goldback (1/1000 oz): Features Thomas Edison in his Menlo Park lab, honoring the inventor who lit the world with over 1,000 patents.
• 5 Goldback (1/200 oz): Depicts the Pine Barrens’ Jersey Devil soaring, nodding to the state’s folklore and natural mystique.
• 10 Goldback (1/100 oz): Showcases Harriet Tubman in Cape May, reflecting her Underground Railroad work in this abolitionist hub.
• 25 Goldback (1/40 oz): Highlights the Atlantic City Boardwalk, its golden lights aglow, celebrating New Jersey’s tourism legacy.
• 50 Goldback (1/20 oz): Pictures George Washington crossing the Delaware, honoring the 1776 Trenton victory that turned the Revolution.

These designs turn the Goldback into a canvas of New Jersey’s history and character, blending value with pride.

A Golden Call to Lead the Northeast

Utah, Nevada, and others have Goldbacks, but New Jersey can lead the Northeast. With S721’s tax exemption in place, a history of innovation, and a knack for resilience, New Jersey is primed to champion this currency in the region. Let’s rally businesses and citizens to launch a New Jersey Goldback series. Imagine gold in every hand—from Hoboken to Wildwood—proving the Garden State isn’t just a crossroads but a golden frontier. The time is now.

Rise up. Make New Jersey golden.