Yap Stone Money: Largest & Heaviest Currency of the World Found in this Island; Watch Video of Rai Stones
Did you know there is a type of currency that you cannot fit in your wallet? History states that the very first pieces were used as gifts and shaped like a whale, thus named ‘rai’ stones.
Whenever we think of money, we usually refer to coins and notes made of metal and paper. But did you know there is a type of currency that you cannot fit in your wallet? In the Pacific Ocean, there is a tiny island known as Yap which host stone money, the largest and heaviest currency in the world. This Micronesian island use these giant limestone disks as money for centuries and are still in circulation today; some of which weigh more than a car. It is popularly known as Rai or Stone money that are large, circular stone disks which are carved out of limestone formed of aragonite and calcite crystals.
No one at Yap knows when the concept began but what is known is that each one is different, and they are heavy. History states that the very first pieces were used as gifts and shaped like a whale, thus named ‘rai’ stones. Gradually they evolved to become currency including holes carved through the centre. There are an estimated 13,000 stone discs in circulation on Yap, ranging from 30 centimetres to 3.50 meters in diameter and the largest ones is considered to be the most valuable. The Oddity Central states an important thing that individuals should know about this giant currency of Yap. They were never used as a regular currency, but more of the Island’s own version of gold. It was only used for important transactions and in extreme situations.
Watch Video of Yap Stone Money!
Now, you must be thinking that people with cruel mind would try to steal the Island’s charm. But the islanders are well informed about the owners of the stones and the Rai or stone money are constantly under supervision of everyone residing at the island. And it is definitely not easy to steal these giant stones without anyone noticing!
The monetary system of Yap relies on an oral history of ownership. As these stones are too large to move, buying an item with one simply involves agreeing that the ownership has changed. As long as the transaction is recorded in the oral history, it will be owned by the person it is passed on to and no physical movement of the stone is required.
(The above story first appeared on LatestLY on May 10, 2018 05:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).