Money & Its HistoryTrust

The Stone That Sank

On Yap, a giant stone coin lost at sea still counted as wealth, because everyone agreed it existed

A family stayed rich for generations on a stone none of them had ever seen. What made it money?

You'll find out

  • Why a stone at sea still counted
  • How black paint made people poor
  • Where the same trick hit New York

Why it matters

Every dollar you own works the way that stone did. This story shows you why.

About 4 min7 interactive slides · 5 questionsLesson 150 · Zone 17

Play this lesson

Free to play in your browser or on iPhone

More in this zone

  1. 145Monetary HistoryThe Gold StandardWhen every dollar could be swapped for gold
  2. 146CurrencyThe $100,000 BillIt exists, but you could never spend it
  3. 147Monetary HistoryGreenbacks: Money for a WarThe Civil War gave America paper money backed by law, not gold
  4. 148Fiat MoneyThe Dollar Is Backed by GoldIt hasn't been since 1971
  5. 149Modern MoneyWho Makes the DollarThe Mint, the printing bureau and the Fed
  6. 151CurrencyDollar Bills Are Mostly CottonThat's why they survive the washing machine
  7. 152PaymentsChecks, Cards and TapsHow Americans moved from paper to plastic to phones
  8. 153Behavioral EconomicsThe Endowment EffectOwning something makes it feel worth more