medium of exchange

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Producing (but not counterfeiting) any type of money does not violate the natural law in the absence of statute (legal tender) laws outlawing competing media of exchange.
Moreover, by exploiting the government's use of coercion that prohibits competing media of exchange, they foist their fiat money on an unwitting populace and steal from under their noses, mulcting them of their property in exactly the same manner as the state, right up to the point at which all money has been destroyed.
Monetary systems that include the private provision of circulating media of exchange were not uncommon in the past.
In the United States, the government monopoly on the issue of circulating media of exchange resulted from the federal taxation after the Civil War of the notes issued by state-chartered banks, and from the elimination of the supply of government bonds qualifying as backing for notes issued by national banks.
In this speculative equilibrium, there are two commodity media of exchange, Goods 1 and 3.
The second alternative that should be mentioned is the provision of media of exchange by competing private suppliers.
Furthermore, most studies find a remarkably low substitutability between currency and transactions deposits, suggesting that these alternative media of exchange are held for quite different reasons.
Currency and checking accounts are money because they are both media of exchange and temporary abodes of purchasing power.