Have you ever tried to use your Goldbacks and people think they are denominated in Dollars? Where the 1GB is the direct equivalent to $1? Or maybe you are the one asking what that "1", "5", etc mean on the Goldback.
The simple answer is no, they are not denominated in dollars but troy ounces of gold. Below courtesy of Goldback Inc.'s gallery page, we have high-resolution photos to examine what they say on them.
At the bottom of the 1 Goldback, you find this sentence: "1/1000th TROY OUNCE 24K GOLD". This means you would need a thousand of them to equal one troy ounce. Now if we take 5 of the 1GBs they equal the gold in one 5GB. Another way to put it is 5/1000th a troy ounce and so on. Meaning a 10GB has 10/1000th of a troy ounce.
If you examine the images below you'll notice the 5GB doesn't say 5/1000th, but 1/200th a troy ounce. What this is telling you is that you need 200 of the 5GB to equal the gold in one troy ounce. We can derive that fraction by taking 1000/5 = 200. We can repeat that per Goldback. eg. 10 is 10/1000th or written another way 1000/10 = 100GB needed to get to one troy ounce, etc.
I hope this clears up any confusion about what the numbers mean in the top left corner. They simply are that number divided by 1000 parts of a troy ounce to tell you how much gold is present. As for their exchange rate make sure to head over to Goldback.com to see the latest updates and don't hesitate to use their calculator.
Images came from: https://www.goldback.com/utah-goldback-gallery
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