New Mexico

Land of Enchantment, Land of Gold

New Mexico, the "Land of Enchantment," has a golden thread woven into its history. Gold was panned along the Rio Grande in the 1600s, and the 1828 Ortiz Mountains strike sparked one of the West’s earliest gold rushes. Over 662,000 ounces of placer gold have been mined here since, from Old Placers to the hills of Lincoln County. The Goldback—a voluntary, spendable gold currency—revives this legacy, offering New Mexicans a modern way to hold "enchantment" in their hands. In a state rich with mineral lore, why not make gold a living part of its future?

Legislative Opportunity: A Golden Path Forward

New Mexico’s laws are ripe for a gold-friendly shift. Currently, gold and silver face capital gains taxes under NMSA 1978, Section 7-9-3 when sold or bartered, treating them as property rather than money. But momentum is building. In 2024, House Bill 255 (HB 255) proposed exempting precious metals from gross receipts tax, stalling in committee. As of February 2025, a revived HB 255—now expanded to eliminate capital gains taxes and recognize gold as legal tender—has passed the House Taxation and Revenue Committee, awaiting full House review. If enacted, this aligns with states like Utah and Arkansas, making New Mexico a Goldback haven in the Southwest.

Economic Resilience and New Mexico Pride

The Goldback bolsters New Mexico’s economy and spirit. Starting at 1/1000th of an ounce, it’s perfect for small transactions—from Taos artisans to Las Cruces markets. With inflation eroding fiat value, its gold backing offers stability, echoing New Mexico’s enduring resilience. Imagine a Goldback series showcasing state icons: Chaco Canyon, the Rio Grande, or Georgia O’Keeffe’s vistas. These notes would be collectibles, drawing tourists and igniting pride. Businesses adopting Goldbacks could attract sound-money fans, while dealers thrive under tax relief. This is New Mexico’s chance to glitter—economically and culturally.

New Mexico-Specific Goldback Designs

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

• 1 Goldback (1/1000 oz): Features a gold panner at the Ortiz Mountains, recalling the 1828 rush that marked New Mexico’s first major gold strike.
• 5 Goldback (1/200 oz): Depicts Georgia O’Keeffe painting Ghost Ranch, honoring the artist whose work immortalized New Mexico’s landscapes.
• 10 Goldback (1/100 oz): Showcases Chaco Canyon’s Great Kiva, its golden sun setting, celebrating the ancient Puebloan legacy.
• 25 Goldback (1/40 oz): Highlights Billy the Kid in Lincoln, revolver in hand, nodding to New Mexico’s Wild West lore.
• 50 Goldback (1/20 oz): Pictures White Sands National Park, its golden dunes glowing, capturing New Mexico’s natural wonder.

These designs turn the Goldback into a tribute to New Mexico’s past and beauty, blending value with enchantment.

A Golden Call to Lead the Southwest

Utah, Nevada, and Arkansas have Goldbacks, but New Mexico can claim the Southwest’s golden crown. With HB 255 advancing, a rich gold history, and a flair for the unique, New Mexico is poised to lead the region in sound money. Let’s urge the Legislature to pass HB 255 and launch a New Mexico Goldback series. Imagine gold in every hand—from Santa Fe to Silver City—proving the "Land of Enchantment" is also the land of opportunity. The time is ripe to strike gold again.

Rise up. Make New Mexico golden.