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@kpeace @aral It can't be more precise when it's making claims the OP doesn't.

1. Societies without money exist
2. Only if one subscribes to the debunked hypothesis that receipts for gold are the origin of money
3. See 2

That said, the OP is not right either, or more generously it's incomplete and only describes part of what most of today's money is, as it's a social construct older than the laws regulating it.

In modern times, the street economy of the former Yugoslavia used the German D-Mark years after it had any legal basis.