A system that floats weights of varied specie against each other. Vault receipts of weight can be virtually and literally exchanged and they would likely be bank-e-notes. Banks are O.K., if they are honest. I would not require a reserve lending law in the market, bad institutions would be checked by the market. If the law did what it should in a contractual society, this would be little faire, but to the stupid dude with a pot of gold. I sure wouldn’t want to carry a pound of copper, however if I could vend with a vault receipt, that should be dandy? Nickel has intrinsic goo. It would take an adjustment phase. But I can imagine lets say four metals. four types of reciepts commonly accepted. A vendor could deal in say any or one or none, what would be best for him. In this age of communication we can surely have vendors of verification, virtual clearing houses. The common exchanges may have to be set quarterly, or monthly to market demand, or set themselves on what the vendors thereof excess in. But the law should go as far as defending, theft, fraud, contracts, and not tell folks how to exchange in any way voluntary.
What if, one locality may mine silver, and it gets valued out, over gold, or copper, or nickel, or platinum, it would depend on demand of the actors there. What, if anything, should the state do? I say as long as we can have a logical standard of weights and measures, that is probably what should happen as the comodity can be exchanged, the folks there can have a nice resource of homesteaded wealth. The facility of the standard should be, as free as it can.