Great write-up.

However, gift-cards are the wrong analogy inasmuch as they are generally only good at the issuer, although you may find occasional pockets of gift-card exchange for value outside the merchant/retailer.

A better analogy, although one that is less familar to contemporary audiences, is company scrip. [1]

Company scrip was widely used in Factory towns in the developing US around the time of the industrial revolution. The company issued money replacement was accepted widely throughout a community in exchange for goods and services, but wouldn't be useful in the next town over, for instance.

I should probably write an essay about this given the recent interest in federated Chaumian ecash...

[1] https://en.wikipedia.org/wiki/Scrip#Company_scrip