Micronesia <How much is money made of stone?>

Micronesia

Capital: Palikir

Area: 700 km2 (about twice the size of Jindo Island in Jeollanam-do)

Population: 110,000

Language: English

 

How much is money made of stone?

 

In the past, shells or stones were used instead of money. But there is still a country that uses stones as money, and that is Yap Island in the Federated States of Micronesia.

 

The currency of the Federated States of Micronesia, consisting of 957 large and small islands, is the US dollar. However, on Yap Island, they still use stones with a diameter of up to 4 meters as money.

The stones are too big to carry around to buy things, but people on Yap Island recognize the scattered stones on the island as money. The value of money made of stone is higher as the stone gets bigger.

 

The stones are obtained from other islands. The value of money made of stone is determined by how much effort was put into obtaining the stone. Stones that were obtained during a typhoon or when the boat almost sank are considered more valuable than stones that were easily obtained. If someone had to fight with the residents of the island to get the stone, the value of that stone becomes even higher.

 

Money made of stone in Micronesia is still used in cash transactions for buying and selling land. However, the problem is that the money made of stone is so heavy that it is difficult to carry it home in some cases.