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You exclude gold because it’s density makes it far much easier to validate than those other metals, right? In in case, IMO your concept of “global settlement” is essential. I would say when money is a present good you directly control, then it is trustless.
Gold is also costly to validate. Measuring its density was too inconvient for retail transactions and is spoofable.with certain alloys of cheaper metals.
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This combined with commerce expanding geographically leads to a gradual centralization of the monetary base. Fiat would be less likely to happen if that were not the case.
For minted coins you have weight spoons. If the coin fits correctly within the spoon and leans towards gold, then it is not fake. Stuffed tungsten coins might sneak in, but their sound would be very different.
But these contraptions don’t work so well for 400 oz bars :)
True. That’s why I was being specific about minted coins (widely known and used).
I wonder what fraction of gold stock is in an easily verifiable form? I have a plastic gold balance/volume measuring device marked for ½ a dozen coins.
Availability of cheaper dense alloys is a modern thing, though, right? Tungsten isn't discovered until 1781, and Platinum is scarcer than gold (though much less valuable in pre-modern times). The inconvenience seems like the much more important half of this.
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