Rai stones were, and still are, used in rare important social transactions, such as marriage, inheritance, political deals , sign of an alliance, ransom of the battle dead, or, rarely, in exchange for food. Many of them are now placed in front of meetinghouses, around village courts, or along pathways.
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 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 was this stone money used for?
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 .
How much is a RAI Stone?
| Time left: Ended (Sun, May 03, 2015 07:21:18 PM Pacific Time) | Sold Price: $13,970.00 |
|---|
Are Rai stones still used?
Use and value
Rai stones were, and still are, used in rare important social transactions , such as marriage, inheritance, political deals, sign of an alliance, ransom of the battle dead, or, rarely, in exchange for food. Many of them are now placed in front of meetinghouses, around village courts, or along pathways.
What is a stone disk?
The Stone Disc is one of the most holy objects in the two worlds . Set with four ‘Dragon’s Eye’ jewels (blue, green, red and white), the Disc was brought to Earth by the Draic Kin. ... The fragments are melted by dragon’s fire. According to Abnaxus, the Stone Disc had recently been mentioned at the Ayrede High Council.
What Pacific island used stone wheels as a form of money?
The Island Of Stone Money : Planet Money On the island of Yap , people used giant stone coins that weighed thousands of pounds. The island’s story helps answer a fundamental economic question: What is money?
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.
What is the name of the island of stone money?
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 language do they speak in Yap?
people of Yap Island speak Yapese , a language only distantly related to the other languages of the area (which are known as Nuclear Micronesian languages).
What is the history of money?
The history of money concerns the development of social and economic systems that provide at least one of the functions of money . Such systems can be understood as means of trading wealth indirectly; not directly as with barter.
What are the functions of money?
Functions of Money
Money has three primary functions. It is a medium of exchange, a unit of account, and a store of value : Medium of Exchange: When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange.
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.
