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

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Commodity-backed paper currency is a form of representative money, where the currency is backed by a physical commodity, such as gold or silver. This is similar to a system that uses commodity money, where the currency itself is made up of the physical commodity. It is different from fiat money, which has no intrinsic value or backing, and from circulating private bank notes, which are issued by banks rather than backed by a physical commodity. The reliance on transaction deposits or financial intermediaries is also not directly related to the use of commodity-backed paper currency.

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