Rhode Island

The Ocean State’s Golden Heritage

Rhode Island, the "Ocean State," boasts a surprising golden legacy—small but significant gold deposits mined since the 18th century. The Durfee Hill Gold Mine in Glocester, one of the state’s earliest, yielded gold and molybdenum, while placer gold has been panned from rivers like the Blackstone. The Goldback—a voluntary, spendable gold currency—revives this heritage, offering Rhode Islanders a tangible connection to their pioneering past. In America’s smallest state, why not make a big impact with gold?

Legislative Opportunity: A Golden Path Forward

Rhode Island’s legislature can lead New England in gold-friendly laws. Currently, gold and silver face capital gains taxes under federal law (26 U.S.C. § 1), with no state sales tax—already a plus. In 2024, House Bill 2024-H 7546 proposed eliminating state taxes on precious metal transactions and studying gold as a voluntary tender—passed by the House Committee on Finance on February 18, 2025, awaiting full House vote as of February 26, 2025. If enacted, Rhode Island could pioneer Goldback use in the region.

Economic Resilience and Ocean State Pride

The Goldback strengthens Rhode Island’s economy and spirit. Starting at 1/1000th of an ounce, it’s perfect for small purchases—from Providence’s clam chowder stands to Newport’s craft markets. With inflation a concern, its gold backing offers stability, aligning with Rhode Island’s resourceful nature. Imagine a Goldback series showcasing state icons: the Newport Bridge, Roger Williams, or Block Island. These notes would be collectibles, boosting tourism and pride. Businesses adopting Goldbacks could spark trade, making Rhode Island a golden leader.

Rhode Island-Specific Goldback Designs

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

• 1 Goldback (1/1000 oz): Features a miner at Durfee Hill, recalling the 18th-century gold discovery that marked Rhode Island’s mineral past.
• 5 Goldback (1/200 oz): Depicts Roger Williams founding Providence, honoring the visionary who shaped Rhode Island’s identity.
• 10 Goldback (1/100 oz): Showcases the Newport Bridge in golden light, reflecting Rhode Island’s engineering marvel and coastal charm.
• 25 Goldback (1/40 oz): Highlights H.P. Lovecraft in Providence, celebrating the horror writer whose legacy haunts the state.
• 50 Goldback (1/20 oz): Pictures Block Island’s North Light, embodying Rhode Island’s maritime heritage and serene beauty.

These designs transform the Goldback into a tribute to Rhode Island’s history and culture, blending value with Ocean State pride.

A Golden Call to Lead New England

Utah, Nevada, and others have Goldbacks, but Rhode Island can lead New England. With H 7546 advancing, a gold mining past, and a knack for punching above its size, Rhode Island is poised to pioneer this currency in the region. Let’s urge the House to pass H 7546 and launch a Rhode Island Goldback series. Imagine gold in every hand—from Warwick to Westerly—proving the smallest state can set the biggest golden standard. The time is now.

Rise up. Make Rhode Island golden.