A system that uses commodity-backed paper currency is most like a system that

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A commodity-backed paper currency is a form of money that is backed by a tangible commodity, such as gold or silver. This is similar to commodity money, which is also backed by a tangible commodity. In contrast, a system that uses circulating private bank notes relies on the trustworthiness and reputation of private banks, whereas a fiat money system relies on the government's ability to enforce acceptance of its currency. A system that primarily relies on transaction deposits at banks is a form of narrow money, while commodity-backed paper currency is a form of high-powered money. Finally, a system that primarily relied on financial intermediaries could refer to a variety of different financial systems, but it does not specifically describe a system that uses commodity-backed paper currency.

A System That Uses Commodity-Backed Paper Currency Is Most Like