I don’t know enough about the Wampum or rice cakes to give a coherent answer on them. However, I can cite several other historical examples of money as debt which are far more relevant to our current system.

That Roman currency would still have some value if it were melted down is irrelevant to whether it is an IOU of the State. Especially because Roman currency traded several times above its raw value.

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

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store