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Island of stone money - Essay Example

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In addition, many reasons existed that justified Fei as money.
Acceptability by all Islanders that Fei was the official currency in…
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Island of stone money
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Island of stone money

Download file to see previous pages... The uniformity of Fei was another element that added to its qualification as money. As a trait in Fei, the stone could not be duplicated and this helped to restrict the use of alternative commodities as currency. Fei was a viable item for money because it was transportable. It had a hole in the center that helped in carrying it around especially when the need to complete a transaction arises (Friedman 1).
The suitability of Fei to perform the function of medium of exchange underpinned its qualification as money. Fei allowed the islanders to transact buying and selling goods amongst themselves conveniently. Money helps in storing value and so did Fei. For example, a family in the Islands was renowned for its wealth because of an ancestor who had discovered a Fei that, besides having sunk in the sea, it still gave them a sense of wealth (Friedman 2).
Fei was commodity money because its users accepted it as a form of payment even when they did not have a specific need for it. This is the reason why it was not necessary to carry the Fei from the buyer after completing a transaction. The value in use of Fei is one paramount aspect that justifies that it was commodity money. Fei had intrinsic value and besides helping the buyer to get the goods and services they needed, the seller obtained a sense of wealth and he or she enjoyed the prestige ascribed to people in possession of it. It therefore helped fulfil the goal of an economic activity of acquiring the value of commodities and services. Fei is commodity money because using it in transactions resembles barter trade only that it has a single recognizable unit of exchange (Friedman 2).
Fei also qualify as commodity money because it has value in exchange. Exchanging Fei for other goods helped buyers indirectly acquire other items. Fei had value in exchange and if its value in use changed, it would have ...Download file to see next pagesRead More
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