It is still how some parts of the economy operate. In rural places, you don't buy cabbages from your next door neighbour neither does he buy tomatoes from you. When you have cabbages, more than you and your family can eat, you gift neighbors a bag or three of cabbage. When it's time for tomatoes, they leave a crate for you.

Or another example: drinks between friends. You do not keep a strict tally, simply you buy one round, then next time you meet they buy one round, etc.

Bottom line is it makes no sense to have complex financial instruments, or even money at all, in a small village or tribe where everyone knows each other and there are other mechanisms (cultural and social) to ensure nobody is abusive. An economy based on gift-giving and "indebtedness" makes perfect sense there. This is likely how most small societies operated, even after the advent of agriculture. You only need to break out the gold/silver when trading with strangers.