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Economic Commentary

Island Money

On a small group of islands in the South Pacific, the people use a “money” so astonishing it often gets mentioned in classroom discussions on the subject. This Commentary takes a closer look at the stone money of Yap and asks what such an odd form of money can teach us about our own.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Bryan, Michael F. 2004. “Island Money.” Federal Reserve Bank of Cleveland, Economic Commentary 2/1/2004.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International