How did the 'fei' stones of Yap satisfy the requirement of being a 'medium of exchange' despite their massive size and weight?

Question

Answer

They were only used as a unit of account, never for current payments.

Answer

They were carved from gold, making them inherently valuable.

Answer

they were easily divisible into smaller pebbles for small transactions.

Answer

Their value was transferred through social recognition and record-keeping without the need of physical transport.

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