a good chunk of the currency used by people was indeed state issued, but issued by a state that no longer existed, meaning a good chunk of currency was used because of its intrinsic value, not because of its value as an IOU.

Any currency issued by an authority that no longer exists reverts to its intrinsic value as a commodity and is no longer ‘currency’. It would just be a raw material. Examples of mere raw materials being used as the primary currency within the context of a state are slim to none.

Corporate accountant and former auditor with degrees in philosophy and accounting.

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