The Stone Money of Yap
On a Pacific island, giant stone discs, some taller than a person, are used as money. One sank to the bottom of the sea, and it's still owned and traded.
What was reported
On the island of Yap in Micronesia, large round stones with holes in the middle, called rai, are a traditional form of wealth. Some are small, others more than 3 metres across and weighing tonnes. They were quarried on the islands of Palau, hundreds of kilometres away, and carried back by canoe and raft.
Because they're too heavy to move, they stay where they are, and ownership changes by agreement, remembered by the community. One famous stone sank to the sea floor during the journey, but its value was accepted, and it continued to be owned and exchanged.
Explanations offered
The rai system is often discussed by economists as an example of money as a shared record of who owns what, rather than a physical object. The stones are still used for important exchanges in Yap today.
- When
- Used for centuries
- Where
- Yap, Federated States of Micronesia
- Witnesses
- The people of Yap and economists
- Status
- A real place
Famous cases are real, widely reported events. Each file sets out what witnesses said and the explanations that have been offered, without taking a side.