When barter was replaced by coinage, the actual coin, whether gold, silver etc. had the value of its worth in the actual metal.
Later when banks all printed their own promissory notes, they backed their paper amounts with gold.
Seems to me, all currency today, old and new, is based on a nod and hope, but its what we have, and until we don't have it, we just carry on using it.
The whole thing is a pyramid, and take out one bottom brick and it could all collapse.
Even precious metals, diamonds will be worthless, as there will be no actual currency to give it value.
Back to barter!
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