Economics teacher asked us the question, which country uses stones (rock, pebbles, boulders) as currency? He also said it’s a US territory.
I’ve searched and came up empty handed and now I’m asking for help from whoever will give it. Thanks guys and if you find a website to link it, that would be super as well.
Dave
Federated States of Micronesia, a former U.S. territory
COLONIA, Federated States of Micronesia — This is the Land of Stone Money, where the village streets are lined with cold, hard cash.
Hundreds of giant stone coins, some as big as 12 feet in diameter, stand by the side of the road, lean against houses or lie half-hidden among trees and shrubs. Many of the mottled gray stones are centuries old and are worth thousands of dollars.
While doughnut-shaped coins that weigh a ton might seem impractical elsewhere, stone money is an essential part of the economy and cultural life of Yap, a small group of islands 4,300 miles west of Hawaii.
The larger pieces are seldom moved but change hands much like an electronic bank transfer. They are used to buy land, pay for services or provide compensation in cases of wrongdoing or negligence. Even stones that sank offshore long ago retain their monetary value.
An isolated society
But these coins are more than just money. The “rai,” as the stone wheels are known, embody Yapese lore and help keep the islands’ traditions alive.
“They symbolize the totality of our lives, our identity,” said Andrew Ruepong, the island’s paramount chief.
Yap is the most traditional of the four states that make up the Federated States of Micronesia, a former U.S. territory. The isolated, rule-bound society of 11,000 people has kept globalization at bay, maintaining customs that require women to go topless on traditional holidays and a rigid caste structure that means the most unfortunate are born into virtual slavery.