The coinage is final asset settlement. Notice how they never used a 1 kilogram coin? Because it wouldn't be usable in commerce. Yet, somehow commodities were sold for more than a few ounces of gold or silver. That is when deeds and other coupons were introduced. People only settled those coupons through custodians (banks) and they would house the kilograms of gold, make coinage, and distribute them according to their ledger. A Krugerrand is a physical amount of money with a currency valuation. If you melt the Krugerrand and sold the 22-karat gold at market value it would be a monetary liquidation. If you gave someone a Krugerrand at the currency value, you are accepting the fiat currency valuation of a gold asset. Essentially you are "paying" a premium against your money in the trust that a Krugerrand was in fact the 1 troy ounce of gold it claims to be. Absolutely not true that "A Bitcoin in Lightning is always a real bitcoin on the chain." The trasactions/custody never moves until the channel closes. Whoever put the coins into the multisig controls them until the final channel state is verified on the base chain. Until the channel closes either channel partner could cheat, broadcast a previous channel state, and only if the channel partner catches them does their bitcoin come back to their onchain address. Please do some research on lightning revocation secrets and revocation conditions. Obvious the dollar to gold conversion in 1971 wasn't correct, it never is. The point is if you were a sovereign in 1970, you COULD convert some amount of dollars to gold at their market value despite the over printed dollars. This becomes an issue only when the US runs out of gold.