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Yap's giant stone money stayed in place, because ownership lived in the oral history of each stone
Rai stones are giant disks of crystalline limestone with a hole through the centre, made and treasured by the people of Yap in Micronesia. Quarried mainly on Palau and briefly on Guam, some were too large and heavy to move, so ownership was recorded through the stone's history in oral tradition rather than by possession. Passing a stone to a new owner meant adding that transfer to its story, and the community accepted it. The largest surviving stone is about 3.6 metres across and weighs roughly 4,000 kilograms. The practice of making them stopped in the early twentieth century, and around 6,000 remain on the island.
Money works when people trust that it will be accepted. On Yap, a stone's ownership was known to the community through its recorded history, so a transfer became valid once it was told and remembered.
Rai stones show that money can work through shared belief and a public record, not physical exchange. Economists use them to illustrate how the value of some money depends on collective agreement.
Some rai stones were carried by canoe from Palau across open ocean to Yap.
Adapted from Wikipedia, the free encyclopedia · CC BY-SA 4.0
Photo: Eric Guinther, CC BY-SA 3.0, via Wikimedia Commons
