The concept of money has been around for centuries. In ancient Mesopotamia and Egypt barter, trading one good for another, was the prominent form of currency. As the ancient world developed, gold and other precious stones became valuable and were often used in exchange for other valuable resources such as spices and silk. Cattle and other animals were also given in exchange for labor. Eventually, a currency system was established to put a value on goods and services. While this money system developed quickly in the West, underdeveloped countries in Africa, South America and Eastern Asia used a system of barter for many years to come.

While the people of Yap, a small island in Eastern Asia, used the barter system for some aspects of their lives, they recognized wealth through a different system. Fei are large limestones that can range from a few inches to several feet in size and are used as currency by the islanders of Yap. While the idea of using these stones might seem irrational to those accustomed to the portable paper and coined money system of Western civilizations, the two are relatively similar but not necessarily the same. To the most Westernized people, large stones have no value of wealth, but to the people of Yap, the dollar system is useless. Both systems were established to represent wealth within communities. It was understood by the people of Yap that the fei, since they were often large and heavy, did not need to be in the possession of its owner; the Western world acknowledges this idea by though banking systems. Both cultures imposed systems of ownership without possession. When the Germans demanded that the roads of Yap become paved, they placed a large black X on some of the islander’s fei the, claiming ownership until the roads became paved. In America, this would be known as a lien, or a hold over a persons property or assets. Overall, it does not matter what monetary system is active within a community, as long as it is recognized throughout the entire society.

But, while a currency may be recognized within a community, money also has a universal value. Since all cultures have different monetary systems that are in place, gold is used as the global scale by which money is valued. For example, an American dollar would be worth X ounces of gold while a Euro would be worth Y ounces. So, a specific amount of X is comparable to a set amount of Y. This gold based system allows economists to determine the wealth of various countries by making gold the universal unit. In reality, it is not they system of currency that is in place within a community. All that matters is that it is able to be exchanged for goods and services and can be recognized as having value.