This is a conclusion I've made using the MMT Lense on a random Clubhouse room. They were describing the history of bonds in ancient times. How the rich didn't like lending money to the king because they often didn't get a return on their money, but much preferred bonds because they would get a return plus interest. And that's when it hit me...

The king must have asked for the money from the rich because the rich had enough power to hurt the king and because it was commodity money they couldn't create more like a digital or paper currency we have now. So the bonds were a way to get the rich to accept taxation without throwing a hissy fit because they got their money back with interest. So the king was able to reuse the money it issued and not have the rich challenge their power.

This makes so much sense now. And in today's digital world, we don't need to recirculate money because it's digital.