Live melt value for all South Dakota Goldback denominations — the only tracker with native Goldback support
The South Dakota Goldback was introduced in 2022 as the fifth series in the Goldback line — voluntary local currency notes containing precisely measured 24K gold via physical vapor deposition (PVD), the same vacuum-chamber technology used in semiconductor manufacturing. South Dakota was selected as the fifth series for reasons rooted in the state's extraordinary gold mining heritage, no-income-tax status, and the Mount Rushmore imagery that gives the series some of the most recognizable iconography in the entire Goldback catalog.
South Dakota's relationship with gold is not symbolic — it is geological and industrial. The Homestake Mine, established in 1876 in the town of Lead, South Dakota, operated continuously for 126 years until 2002, making it one of the longest-operating gold mines in the Western Hemisphere. Over that span, Homestake produced over 40 million troy ounces of gold. At $3,200/oz, that represents more than $128 billion in gold extracted from a single South Dakota mine shaft.
The mine's origins are inseparable from one of the most consequential treaty violations in American history. The Fort Laramie Treaty of 1868 guaranteed the Black Hills to the Lakota Sioux as unceded territory. In 1874, General George Armstrong Custer led a military expedition into the Black Hills and confirmed the presence of gold deposits. The news triggered a massive rush of prospectors — in direct violation of the treaty. The conflict over Black Hills gold led directly to the Great Sioux War of 1876. The legal question was never resolved: in United States v. Sioux Nation of Indians (1980), the Supreme Court ruled the 1877 seizure of the Black Hills was unlawful, awarding $105 million in compensation — an award the Lakota Sioux have refused to accept, insisting on return of the land rather than payment.
When Homestake finally closed in 2002, the mine's underground workings — extending more than 8,100 feet deep — were converted into the Sanford Underground Research Facility (SURF). Today SURF hosts dark matter detection experiments including the LUX-ZEPLIN (LZ) detector. The deepest gold mine in the Western Hemisphere is now searching for the universe's missing mass. The same geology that yielded 40 million ounces of gold now shields sensitive physics detectors from cosmic ray interference.
The South Dakota Goldback series draws on Mount Rushmore National Memorial — the most visited attraction in the state, receiving approximately 3 million visitors annually. The memorial was sculpted by Gutzon Borglum beginning October 4, 1927. After Gutzon's death in March 1941, his son Lincoln Borglum completed the project, declared finished on October 31, 1941 — a 14-year carving effort. The four 60-foot faces (Washington, Jefferson, Roosevelt, Lincoln) were rough-carved using dynamite to remove approximately 450,000 tons of rock, then finished with pneumatic drills and hand chisels. The original design called for figures depicted to the waist; funding was exhausted after the faces were completed.
| Denomination | Gold (troy oz) | Gold (grams) | Melt at $3,000/oz | Melt at $3,200/oz |
|---|---|---|---|---|
| 1 | 0.001000 oz | 0.03110g | $3.00 | $3.20 |
| 5 | 0.005000 oz | 0.15552g | $15.00 | $16.00 |
| 10 | 0.010000 oz | 0.31103g | $30.00 | $32.00 |
| 25 | 0.025000 oz | 0.77758g | $75.00 | $80.00 |
| 50 | 0.050000 oz | 1.55516g | $150.00 | $160.00 |
| Complete Set | 0.091000 oz | 2.83029g | $273.00 | $291.20 |
South Dakota is one of nine US states with no state income tax, meaning no state-level capital gains tax on Goldback or precious metals sales. Federal tax still applies: physical gold sold at a profit is taxed at the federal collectibles rate of up to 28% — not the 0/15/20% long-term capital gains rates — for holdings over one year. South Dakota residents pay federal tax only, with no additional state layer. Consult a qualified tax advisor — this is general information, not tax advice.
South Dakota Goldbacks trade at 30–80% above gold melt value at retail, reflecting PVD production costs, distribution, and collector demand. A buyer paying 50% above melt needs gold to rise 50% before the melt value alone recovers their purchase price. Goldbacks are commodity-backed local currency with a guaranteed gold floor — useful for fractional gifting and small-denomination gold exchange. They are not a cost-efficient gold accumulation vehicle compared to bullion at 3–8% premiums. Use the calculator above to know your floor before buying or selling.
MetalMetric is the only precious metals app that tracks Goldbacks natively across all states and denominations. Add your South Dakota Goldbacks and see live P&L, cost basis, and melt value alongside your gold coins, silver bars, and junk silver. Open your free vault →
The Homestake Mine (Lead, SD) operated 1876–2002 — 126 consecutive years — and produced over 40 million troy ounces of gold, making it one of the largest gold mines in Western Hemisphere history. At $3,200/oz, that represents over $128 billion extracted from a single mine. After closing, its 8,100-foot-deep workings were converted into the Sanford Underground Research Facility (SURF), which now hosts dark matter detection experiments. The deepest gold mine in the West is now searching for the universe's missing mass.
Gutzon Borglum began carving on October 4, 1927. After Gutzon's death in March 1941, his son Lincoln Borglum completed the project, declared finished October 31, 1941. Approximately 450,000 tons of rock were removed using dynamite and pneumatic drills. Each of the four presidential faces is approximately 60 feet tall. The original design called for waist-level figures; funding ran out after the faces were completed. Mount Rushmore draws approximately 3 million visitors annually — the most visited attraction in South Dakota.
No state tax. South Dakota is one of nine US states with no state income tax, so there is no state-level capital gains tax on Goldback or precious metals sales. Federal tax applies: up to 28% collectibles rate on long-term gains (not the 0/15/20% capital gains rates). Consult a tax advisor — this is general information, not tax advice.
1-denom = 0.001 oz (0.0311g). 5-denom = 0.005 oz (0.1555g). 10-denom = 0.010 oz (0.3110g). 25-denom = 0.025 oz (0.7776g). 50-denom = 0.050 oz (1.5552g). All 24K via PVD. Complete set = 0.091 oz (2.830g) — melt $291.20 at $3,200/oz. Use the live calculator above.
Yes — typically 30–80% above melt at retail. PVD production, polymer lamination, and distribution create real costs above gold content. If you pay 50% above melt, gold must rise 50% before melt value recovers your purchase price. Goldbacks are commodity-backed currency with a guaranteed gold floor — not cost-efficient gold accumulation vs. bullion coins at 3–8% premiums.
MetalMetric is the only precious metals tracker with native Goldback support across all states and denominations. Add SD Goldbacks to your free vault at metalmetric.com/vault to track live P&L and melt value alongside your gold coins, silver bars, and junk silver.
All Goldback series use 24K gold and the same denomination structure. The difference is the artwork and issuing state.
| State Series | Launched | |
|---|---|---|
| Utah Goldback | 2019 | Calculator → |
| Nevada Goldback | 2020 | Calculator → |
| New Hampshire Goldback | 2021 | Calculator → |
| Wyoming Goldback | 2021 | Calculator → |
| South Dakota Goldback | 2022 | Calculator → |