Think it through - you just showed how currencies came about. They were all receipts against the payment of a physical good. Thats what the gold standard is.

Think it through - you just showed how currencies came about. They were all receipts against the payment of a physical good. Thats what the gold standard is. The difference is simply centralization. Are you aware of what happened to The Spanish monarchy regarding silver and inflation? The discovery of more physical silver results in more inflation.