Many old monetary systems succumbed after high monetary inflation appeared, from glass beads in Africa to seashells in other places around the world. 

An illustrative case is the Rai Money:

In 1871, David O'Keefe, an Irish-American captain who had been shipwrecked near Yap Island in Micronesia, discovered the amazing money used by their inhabitants: “Rai Stones” made out of limestone.


Yap was formed in a geologically unusual way, which resulted in it lacking limestone, a stone common elsewhere. Obtained from islands many hundreds of km away, on voyages where about half the men were lost, limestone was scarce on Yap.

Scarcity lasted until Eurasian tech was brought in, which allowed to quarry the stones and mass transport them to Yap. The Rai collectibles were inflated, including in their size:


Since then, the enormous stones could only be transferred by a word-of-mouth “ledger” system, while the physical location of stones did not change. The lack of storability and transferability turned the new system vulnerable to censorship, so it was easily abused: German colonizers effectively destroyed the post-O’Keefe monster stones value by painting crosses on the stones that were going to be confiscated.