Summary of Felix Martin's Money

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#1 The Pacific island of Yap was one of the most remote and inaccessible inhabited places on earth in the beginning of the twentieth century. It was not until 1869 that the first European trading post was established in the Yap archipelago.

#2 The economy of Yap was extremely undeveloped. There were only three products available for trade: fish, coconuts, and sea cucumbers. There were no other exchangeable commodities, and no agriculture or arts and crafts. Yet the island had a highly developed monetary system.

#3 The fei was a form of currency that was extremely difficult to transport. It was not necessary for its owner to reduce it to possession. After concluding a bargain that involved the price of a fei too large to be conveniently moved, its new owner was content to accept the bare acknowledgment of ownership.

#4 The monetary system of Yap, which was described by Furness in his book The Yapese Money, was unlike anything he had ever seen. It was a system in which wealth was represented by an enormous fei, which was lying at the bottom of the sea.

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