I’m thinking no… but I’m adding 9mm and .357 to my “precious” metal portfolio because that’s what I shoot. I roll my own ammo so I have the bullet, powder, primers and cases all separate and roll as much ammo I want on demand. In today’s recent climate all these materials are very scarce and are being hoarded. When one finds product on the shelves they stock up. Bullets are typically made of Lead and Copper. Casings are Brass (copper + zinc). Price of these things are only going up with inflation and demand. I recently bought primers from a gun forum member at 50% higher than store list price. Small pistol primers here in California at your local store are priceless right now. Obama has been an absolute excellent stimulus for firearm and ammunition purchases! People who forgot they owned guns are now joining the NRA and buying ammo.
Thinking about how gold and silver both together don’t work simultaneously well as money; the value of one cannot be a fixed denomination of the other, and one needs a single unit of account for economic calculation… lets apply that to ammo. I’m thinking that a loaded cartridge / round (the assembled ammunition) would not work well as money either. To load a round of ammunition you need the primer, bullet, case and powder. Each one of these things can be in different demand and supply. Then there’s the quality of the round considering different bullet types - hollow point versus wadcutter (pellet). And then there’s the caliber for what particular gun you own. 9mm Luger seems to be perhaps the most common ammo of them all considering that’s what police use. However, people who do not own 9mm guns would have to find someone else who wants 9mm to exchange their ammo with for other goods.
On the gun forums, due to scarcity, people are trading parts of their supplies for other supplies that they’re short on. They aren’t using Federal Reserve notes as a medium of exchange. I could see similar trades could happen for just about anything.
Ammunition could very well become a somewhat popular impromptu medium of exchange, for instance in a hyperinflationary environment. People who don’t own guns or at least no guns in a particular caliber might begin to accept ammunition as payment for goods and services because they know chances are high they can trade them away for something they need. A box of ammunition has a relatively high value-to-weight ratio, it is durable, divisible(to a point) etc.
Another consumer good I could see becoming a pervasive medium of exchange in some sort of crack-up boom scenario - drugs. If worst comes to worst inflation-wise, people who wouldn’t touch weed, meth, speed etc under normal circumstances may very well start accepting it in trades for much the same reasons I outlined above for ammo.
Neither drugs nor bullets are “good” mediums of exchange in the sense that they won’t ever become commonly used in a society that has relatively stable fiat money, there are a lot of hassles involved. Gold and silver are also far superior, but I think both drugs and bullets could become real popular real quick if gold was off the table(perhaps confiscated?).
Anything can be used as currency. Many “primitive” peoples have used shells of sorts as money (probably because they doubled as jewelry, comparable to precious metals), pastoral peoples have used cattle (our word “fee” comes from Old English “feo” which meant “cow”), cigarettes have been popular in prisons and the former USSR, recently here there was an article about how bottled water was being used as currency in Iraq, and gum is effectively a currency among Jr High students.