The loan is the currency. People accept the loan as a medium of exchange. Everybody transacts in loans (paper with promises of value), which then becomes identical to money. The loan is only loosely coupled to the gold backing, because of everybody cashed in the loan (a bank run), you could not pay it out because the gold does not exist for everybody. That very fact demonstrates that the loan is not identical by reference to gold. So yes you have created new currency.