Final answer:
The money developed on the island of Yap, known as Rai stones, were not physically exchanged and ownership changed through verbal agreements and social consensus. The stones were minted in two metals and were only used on the island.
Step-by-step explanation:
The remarkable element about the money that developed on the island of Yap, according to Martin, was that the islanders did not physically exchange them. Instead, they used large stone discs called Rai stones as a form of currency. These stones were so large and heavy that they were not actually moved during transactions. Instead, ownership of the stone would change hands through verbal agreements and social consensus.
The islanders also minted the Rai stones in two metals - limestone and quartz. The use of different metals signified the value of the stone, with quartz stones considered to be of higher value. This minting process added another layer of complexity to the monetary system on Yap.
Furthermore, the money developed on the island of Yap was only good on the island itself. It was not used for purchases outside of the island, making it a unique and localized form of currency.
Learn more about The unique monetary system on the island of Yap