> But didn't the creation of private money happen because gold was so expensive to hold and transport? No. 1. There was creation of state and of private money

> But didn't the creation of private money happen because gold was so expensive to hold and transport? No. 1. There was creation of state and of private money, or money-of-sorts, in societies where money wasn't based on gold. 2. If transport and holding was the issue, private money could have been limited to the amount of available gold. No, that's really not the reason.