A type of low-power yet very functional magic is common enough that the kingdom's economy is based entirely on a common...

Wasn't that a myth?

>A type of low-power yet very functional magic is common enough that the kingdom's economy is based entirely on a common magical ingredient, rather than silver or gold.

Oil?

Yeah, but people still don't actually use oil as currency. You don't buy your groceries with so and so milliliters of gasoline.

>Yeah, but people still don't actually use oil as currency.

Was that what op's statement was about?
I read it more as that's what their economy revolved around or that was the big item they were passing not necessarily using it as currency.

No, yeah, it'd be stupid using a magical reagent as currency.
Trading raw-reagents for other goods would make sense, but just flat out reaching into your pocket to pull out -material- would be silly.

...

The lack of practical economic value (and the relatively large amount of it in the ancient middle east) is why ancient Sumeria used gold and silver for their granary tokens, making it possibly one of the first (but definitely in the top 3) currencies where a representation of the item of value was traded, rather than the item itself (goods, foodstuffs, labor).

Back to OP, don't use a single magical ingredient as the backing material, use multiple to prevent massive inflation and deflation from a cabal of producers playing games with the market.

>dust
>low power
>magic

>endless series
>low power

You need to hand over your T1 melee glassteel weapon you mindless necrophage

Modern currency does not reflect medieval currency. The modern dollar is a fictitious currency that is based on the value of goods. It used to be directly related to the value of gold. The concept of coins of precious metal is that the currency is not fictitious, the value is intrinsic to the coin itself. A one dollar silver coin would contain one dollar worth of silver. That being said, oil still wouldn't be used as a currency in a non fictitious economy as its value per weight and volume is two low. Imagine having to carry around a milk jug of gasoline to buy a loaf of bread.

What if it's something like the Dust from -
Nvm.

>what is ICE
>what is oil