New York

The Empire State’s Golden Legacy

New York isn’t just the financial capital of the world—it’s a historic hub for gold. The New York Gold Exchange, founded in 1862, shaped global markets during the Civil War, while Wall Street’s vaults—like the Federal Reserve Bank of New York’s—still hold billions in gold today. The Goldback, a voluntary currency of thin, spendable gold, fits New York’s DNA. From the Gilded Age’s opulence to the state’s role in America’s economic might, a New York Goldback series would marry this heritage with modern innovation. Let’s bring gold back to the streets of the Empire State.

Legislative Momentum: Paving the Way for Gold

New York’s legislature can make gold transactions thrive. While gold and silver bullion face capital gains taxes under current law (e.g., New York Tax Law § 210), momentum is building to change that. In 2024, Assembly Bill A10497 proposed eliminating sales and use taxes on precious metals, mirroring states like Utah and Montana. As of February 2025, this bill is gaining traction, with advocates pushing to extend it to exempt capital gains taxes on gold—mirroring Montana’s HB 382. If passed, New York could treat gold as currency, not property, slashing barriers to Goldback use. With its commercial prowess, New York could lead the nation by enacting laws to make gold as easy to spend as dollars.

Economic Power and Cultural Cachet

The Goldback is a game-changer for New York’s diverse economy. Starting at 1/1000th of an ounce, it’s ideal for small transactions—from Hudson Valley farmers’ markets to Brooklyn bodegas. In an inflationary world, its gold backing offers stability, appealing to New Yorkers’ savvy financial instincts. Imagine a New York Goldback series featuring the state’s icons: the Statue of Liberty, Niagara Falls, or Central Park. These notes would be more than money—they’d be collectibles, drawing tourists and boosting local pride. Businesses adopting Goldbacks could attract a niche market, while bullion dealers, already active in NYC, see new demand. This is New York’s chance to shine—literally.

New York-Specific Goldback Designs

Here’s how New York’s Goldback denominations could showcase its legendary people and places:

• 1 Goldback (1/1000 oz): Features Alexander Hamilton at the New York Stock Exchange, honoring the father of American finance who shaped Wall Street’s foundations in Lower Manhattan.
• 5 Goldback (1/200 oz): Depicts the Statue of Liberty with her torch aloft, symbolizing New York’s role as a beacon of freedom and gateway to millions of immigrants.
• 10 Goldback (1/100 oz): Showcases Seneca Falls, with Elizabeth Cady Stanton, marking the 1848 convention that launched the women’s suffrage movement—a New York first.
• 25 Goldback (1/40 oz): Highlights Niagara Falls, its golden mist rising, celebrating New York’s natural wonder and its draw for generations of visitors.
• 50 Goldback (1/20 oz): Pictures Theodore Roosevelt atop Bear Mountain, reflecting his New York roots and legacy as a conservationist and larger-than-life leader.

These designs transform the Goldback into a tribute to New York’s past and present, blending utility with iconic storytelling.

A Golden Call to Action

States like Utah and Wyoming have Goldbacks, but New York can elevate the game. With legislative shifts like A10497 on the table, a global financial hub status, and unmatched cultural heft, New York is primed to lead the sound money revolution. Let’s urge Albany to pass tax exemptions for gold and launch a New York Goldback series. Imagine a state where gold isn’t just locked in vaults but traded in hands—from Times Square to the Adirondacks. New York can redefine money for the 21st century.

Step up. Make New York the gold standard.