I always figured that 'naturally arising' currencies, like gold and cigarettes, have two key properties: a) perceived inherent value (e.g., gold by long traditi

I always figured that 'naturally arising' currencies, like gold and cigarettes, have two key properties: a) perceived inherent value (e.g., gold by long tradition and whose origins are lost to history, and cigarettes because people want their fix) and b) natural limitations on quantity (and counterfiting: gold has known density, and a fake cigarette is apparent as soon as you try and use it). The purpose of the gun, it has seemed to me, is to get around the fact that fiat currencies have neither of the above properties, but that both can be enforced to some degree.