Actually, only 68 cents of each RP dollar is backed with precious metal.
The other 32 cents are backed by the full faith and credit of a one dude running a website out of a storefront in Evansville, Indiana.
The US Mint sells a ONE DOLLAR coin with one ounce of silver for $30. So is 133% of each RP dollar backed with precious metal?
There are cost to making and managing such an endevour and because it is backed with precious metal in a few years it will be worth far more than 68cents..
The original liberty 10 dollar coin had 7$ worth of precious metal backing it, now the 10 dollar coin has 14$(USD) backing it..