H2O would make great money. It’s durable, divisible, portable, fungible, acceptable,… but is it scarce?
It is limited in supply, I don’t see more of it being made anywhere, so yes, it is scarce. Ah but it is too abundant which ruins the portability argument (it’s not value dense).
So let’s refine the definition of scarcity not just to mean ‘of limited supply’ but to mean ‘cannot be easily manufacturers to meet demand and also not abundant in its existing quantity’.