Use of Yap stones on the island of Yap was essentially a commodity-backed money

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The use of Yap stones did not involve certificates or any other written record of ownership. Instead, ownership was recorded in the collective memory of the islanders, who knew who owned which stones. Yap stones were not easy to transport, as they were large and heavy, but their use as a commodity-backed money relied on the mutual recognition and trust of the islanders, who accepted them as valuable even though they were not in limited supply.

Use of Yap Stones on the Island of Yap Was