Concept introduction:
Answer:
In the Island of Yap, the doughnut shaped stones were used both as medium of exchange and store of value.
Explanation:
Until 1946, the residents of the Islands of Yap used doughnuts shaped stones as financial assets. Though the prices of the goods and services are not quoted in terms of stones they were exchanged for purchases particularly the livestock purchase. A stick was inserted through the stone for the transaction and carried to the new owner. It is thus used as the medium of exchange.
Knowing that it was difficult to steal it would be leaned against the side of the wall of the owner’s house as a sign to the others of accumulated
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