Here is an example from the seventeenth century, by a certain Henry, who had a store at Stony Stratford, Buckinghamshire: This is clearly a case of the same principle: Henry would provide small change in the form of IOUs redeemable at his store. As such, they might circulate broadly, at least among anyone who did regular business at that shop. But they were unlikely to travel very far from Stony Stratford—most tokens, in fact, never circulated more than a few blocks in any direction. For larger transactions, everyone, including Henry, expected money in a form that would be acceptable anywhere,
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this is the “local gift card” history of money framed from both sides that i explained on the future vision bitcoin episode
