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You're correct. Many have a hard time grasping that currency is not always a governmental endorsed bank note.



All kinds of things are used as currency. Checks, traveller's cheques, green stamps, credit cards, food stamps, IOUs, frequent flyer miles, coupons, etc.

They'll often trade at a discount to their "cash value", depending on transaction costs and the risk that it'll be no good.


This local scrip is a governmentendorsed banknote




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