The Island Of Stone Money : Planet Money On the island of Yap, people used giant stone coins that weighed thousands of pounds.
- 1 Who used rocks as currency?
- 2 What are Yap stones?
- 3 Are Rai stones fiat money?
- 4 What is Yap known for?
- 5 What is fiat money?
- 6 What money is used in Micronesia?
- 7 Who owns the island of Yap?
- 8 What island are giant limestone discs used as currency?
- 9 What type of money would you say the RAI stones are?
- 10 What type of money is the stone money on the island of Yap commodity money Representative money fiat money universal money?
- 11 What made this money become abstract?
Who used rocks as currency?
The Yap islands group is part of Micronesia and has a very peculiar currency: stone. Stone money known as “Rai” are large stone disks, sometimes measuring up to 4 meters, with a hole in the middle that was used for carrying them. It was and still is used as a trading currency there.
What are Yap stones?
A rai stone (Yapese: raay), or fei stone is one of many large artifacts that were manufactured and treasured by the native inhabitants of the Yap islands in Micronesia. They are also known as Yapese stone money or similar names.
Are Rai stones fiat money?
Because Rai is made from limestone it is a mix between fiat money and commodity money. One valuable stone was lost at sea during a storm but it was still used as money even after many years when nobody alive had ever seen the stone.
What is Yap known for?
Yap is known for its stone money, known as Rai, or Fei: large doughnut-shaped, carved disks of (usually) calcite, up to 4 m (12 ft) in diameter (most are much smaller). The smallest can be as little as 3.5 centimetres (1.4 in) in diameter.
What is fiat money?
Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. 4
What money is used in Micronesia?
United States Dollar
Who owns the island of Yap?
Yap is located in the western Caroline Islands, today part of the Federated States of Micronesia, about 850 miles east of Mindanao in the Philippines. This small island came under the control of Spain during its Age of Exploration and served as a source of copra — dried coconut meat from which coconut oil is extracted.
What island are giant limestone discs used as currency?
The Micronesian island of Yap has a famously unusual currency: hundreds of giant discs of rocks scattered all over the island, many of them too heavy to move.
What type of money would you say the RAI stones are?
Rai stones is a type of currency that is used by population in Yap, an island that part of Micronesia. A Rai stone size can be up to 4 meters in
What type of money is the stone money on the island of Yap commodity money Representative money fiat money universal money?
The stone money of Yap is superficially a commodity money. And yet is has no real value as a commodity. A Yap stone is eagerly accepted in exchange for useful goods and services solely because its recipients are confident that they will also be able to exchange the stone for goods and services.
What made this money become abstract?
-Money is becoming more abstract over time. The first money was commodity money, meaning its value was based on its material, such as gold or salt; this type of money was concrete. Representative money then became popular, backed by something tangible. In modern times, fiat money and electronic banking are most common.