Pocket Change for Giants

Hundreds of giant stone coins, some as big as 12 feet in diameter, stand by the side of the road, lean against houses or lie half hidden among trees and shrubs. Many of the mottled gray stones are centuries old and are worth thousands of dollars.

Though doughnut-shaped coins that weigh a ton might seem impractical elsewhere, stone money is an essential part of the economy and cultural life of Yap, a small group of islands 4,300 miles west of Hawaii.

The larger pieces are seldom moved and instead change hands in something akin to an electronic bank transfer. They are used to buy land, pay for services or provide compensation in cases of wrongdoing or negligence. Even stones that sank offshore long ago still hold their monetary value.

But these coins are more than just money. The rai, as the stone wheels are known, embody Yapese lore and help keep the islands' traditions alive.

"They symbolize the totality of our lives, our identity," said Andrew Ruepong, the islands' paramount chief.

Yap is the most traditional of the four states that make up the Federated States of Micronesia, a former U.S. territory. The isolated, rule-bound society of 11,000 people has kept globalization at bay, maintaining customs such as one that requires women to go topless on holidays. It has a rigid caste system that means the most unfortunate residents are born into virtual slavery.

"We are trying to hold on to things the way they used to be," said FSM Supreme Court Justice Martin Yinug, who attended college and law school in the United States. "This is the only way we know how to survive. If we change too quickly, we will be lost."

In about 200 A.D., seafaring people from Southeast Asia settled on Yap. They became renowned for their navigational skill and powerful black magic.

Hundreds of years ago, the Yapese began sailing to Palau, 250 miles to the west, and quarrying large wheels of aragonite for use as money. It is unclear what inspired the choice of the stone except that it was absent on Yap. The early craftsmen used simple shell tools to cut the rock, carving a hole in the center of the disks to make them easier to move.