From what I understand, the 'currency' would have the same effects as distributing say gift vouchers or even as 'wacky' novelty theme park money- they are issued by an individual or a compny and only reedemable through agreement with the same company or another company. They are valueless except to those who agree to their value.
In that case any citizen could make a group and claim to have X amount of gold reserves and therefore issue their own currency. It would be anarchy.
It depends on the reserve, which on an individual level could be gold, or could be say string. Bear in mind that here in Scotland we have 3 different banks (if you count Bank of England, then 4) The notes that these 3 banks print are not legal tender, and are only worth their value if as the bearer you go the bank and demand to receive the equivalent monetary value in 'gold.' No one does, and I technically have £50 of non legal tender in my pocket. But I can, because of arrangment buy £50 of goods/services with that tender. Given that two, three hundred years ago these banks and predecessors were banks who's collateral, in one case was simply linen!
