YAP Federated States of Micronesia |
The Island of Stone Money |
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The regional name Oceania would certainly apply to the Federated States of Micronesia. Sprinkled across half a million square miles of Pacific Ocean are only 271 square miles of land comprising 607 islands. Or expressed as a percentage this federation of islands is 99.97% sea water. After WW2 the islands of the FSM became part of a U.S. trust territory. In 1979 they became an independent country. Their Preamble of their Constitution is quite eloquent and I have included a link. My first visit to this country was to the island of Yap proper. Archeologists date the first known settlement at around 200 A.D. The Yapese built an empire based on magic, rather then conquest extending across 1000 miles. The Yapese successfully repelled early attempts at European colonization by both Spanish and English. It wasn't until a shipwrecked Irish-American named David "His Majesty" O'Keefe washed ashore in 1871 that the people of Yap established permanent contact with Europeans. After the Yapese nursed O'Keefe back to health, he decided to get into the currency exchange business. He went to Hong Kong and bought himself a Chinese Junk. He then began to make runs between Palau, where the stone money was quarried, and transported it back to Yap in exchange for copra.
The stone money is still in circulation today and used for big ticket items while US dollars are used for day to day purchases. Today Yap is known best for its stone money and manta rays. |