What type of money do people from Yap use today?
The island of Yap has no precious material like gold or silver. Instead, they use giant disks of limestone called Rai as currency for trade. Rai stones are large circular disks with a hole in the centre, like a doughnut, and stand as high as 12 feet and weigh as much as 5 tonnes each.
What was used as money on the tiny Pacific island of Yap quizlet?
The Island Of Stone Money : Planet Money On the island of Yap, people used giant stone coins that weighed thousands of pounds.
What is Yap island famous 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).
Who owns the island of Yap?
Spain
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 is Yap coin?
supply is not available. YAP STONE (YAP) was launched in 2008. YAP STONE seeks to build a shared economy platform that will contribute profits derived from the community back to it. YAP STONE aims to become a key currency for smart cities.
What is Yap stone money?
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.
What is the first currency in Yap?
rai stone
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.
What is the meaning of commodity money?
Commodity money is money whose value comes from a commodity of which it is made. Examples of commodities that have been used as media of exchange include gold, silver, copper, salt, peppercorns, tea, decorated belts, shells, alcohol, cigarettes, silk, candy, nails, cocoa beans, cowries and barley.
Why was the island of Yap important to Micronesia?
The German authorities made Yap a centre for underwater cable communication. Yap was a Japanese air and naval base during World War II. It became part of the United Nations Trust Territory of the Pacific Islands in 1947 and part of the newly established Federated States of Micronesia in 1986.
Where did Yapese people come from?
The Yapese people are a Micronesian ethnic group native to the main island of Yap. Under different administrative rules, Yapese culture has been influenced by Spanish, Japanese, German, and American cultures.
How much are Rai stones worth?
Most stones are considered to be expensive, even the smaller ones; a 10-inch coin is worth about $6,000. Today, the most common currency traded in Yap is the U.S dollar. When Rai stones are used as currency they usually remain in the same location, thus showing that a transaction has been made.
How much is a Yap stone worth?
YAP Price Statistics
| Yap Stone Price | $0.001056 |
|---|---|
| Price Change24h | $-0.0002889 21.49% |
| 24h Low / 24h High | $0.0006628 / $0.00135 |
| Trading Volume24h | No Data |
| Volume / Market Cap | No Data |
What is money on Yap?
The tiny island of Yap in the western Pacific holds a strange attraction for economists, because it cuts to the heart of a very basic question “what is money?” For centuries the Yap islanders have used huge megalithic crystal discs as their money.
How did they get the stones to Yap Island?
Archeologists have discovered that, beginning around 500 A.D., the megalithic stones were brought to Yap from the ancient crystal mines on the island of Palau, more than 280 miles away. The stones were quarried, shaped and then shipped across the open sea; a journey that took more than a month.
Where to find Yap in Montreal?
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What did the Yapese use the RAI for?
Being so valuable, the rai couldn’t be used for everyday transactions. For those, the Yapese would exchange pearl shells or woven mats, or barter with coconut meat, taro, or cups of syrup. Instead, the gleaming rocks were exchanged to cement alliances between chiefs battling rival tribes.