Inflation Abrades Stone Money Still of Value to Yap Islanders; Ponderous Ancient 'Cartwheels' Endure as a Medium of Exchange Despite Population Drop and Dollar Basis

"Inflation Abrades Stone Money Still of Value to Yap Islanders; Ponderous Ancient 'Cartwheels' Endure as a Medium of Exchange Despite Population Drop and Dollar Basis". The New York Times. New York, NY: The New York Times Company. 1958-05-24. ISSN 0362-4331.

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Abstract: This article explores the continued use of traditional stone money on Yap despite the increasing influence of a dollar-based economy. It describes how large stone disks, historically quarried in Palau and transported at great risk, retain value in ceremonial exchanges such as land transactions and marriages. The piece examines the effects of historical population decline and later recovery on the relative abundance and perceived value of stone currency, as well as the impact of external influences including colonial administrations and modern economic systems. It highlights the persistence of indigenous systems of value alongside introduced monetary frameworks.