All valid points.  Just like when you buy Bitcoin on some centralized exchange, you trust there is actually that much Bitcoin in the exchange's underlying wallet.  If you can pay 224 satoshis for say a 50 µBTC bill (5,000 sats) then you need to charge more than the tx fee, perhaps 300 sats to the buyer.  There would have to be a cost to create the bill.  The transaction fee happens once and then you can have five years of transactions.  You can verify the issuer has not spent the coins.  A little bit like banks would issue dollars before the Federal Reserve act came to be.

The lightning requires internet for transactions.  With these bills, transactions can be anonymous and offline and free apart from the one-time cost.

The issuer needs to be trusted for these to work as money..  The money could be for small communities that don't want to use a LETS system or fiat but don't want the expense of smart phones or PCs. The use of these should be for ready spending rather than saving but will stay fixed with respect to the Bitcoin price.  We already pay per transaction for Bitcoin everytime it changes hands when using it online so paying up front one transaction to give a community zero fees seems like a group of people could agree to contribute to get these things.