"Money"

is generally speaking of two basic origins (or forms if you so prefer)

First is a variation on the warehouse receipt where the money-symbol is a bearer title to some value already in existence and where you may present the money-title and gain possession of the value.

Second is a variation on a contract where the money-symbol is a bearer title to some value that has been promised to be created and delivered at some time and place in the future. This type contract is created via the double-entry bookkeeping process Griffin exposes as "The Mandrake Mechanism."

In both the first and second example the primary question laying somewhere in the subconscious (or a conscious question) is this: "How and who is providing for specific performance of contract?"

And the universal answer is that there must be an insurance like function embedded within the monetary system where risk of non-performance is spread among all users of the system and where the person responsible for said non-performance is penalized in some manner.

The insurance function may be provided by universal demurrage applied to all money-symbols and accounts of record.

The penalty may be provided by the use of performance bonds in the form of deposits of precious metal coins or bullion bars that are generally recognized as having a fairly universal value.