We’re all used to famous currencies, such as the Dollar, Euro or Pound, since they’re the most powerful on the market. Due to inflation and global issues, people are also discovering weak currencies, from the Lebanese Pound or the Vietnamese Dong.
Regardless of their value, currency fluctuations happen all the time, and they heavily impact the economy by making imports expensive and decreasing interest rates and capital flow. Still, investors can approach overseas assets and US multinationals for foreign currency gains when favourable fluctuations are favorable. Cryptocurrency investments already follow this prospect, which is why investors take advantage of the recent Bitcoin price to yield sustainable income.
However, these modern currencies can be switched to unique payment forms if you find yourself traveling in certain countries. Here are unconventional payment options in the world.
1) Stone Money in Micronesia, Oceania
There are so many reasons why you should visit Micronesia since activity options are varied and the cuisine is unique. You can go scuba-diving, explore thousands of islands and watch the jellyfish in Palau. But one of the most interesting facts about the nation is the island where you can pay with stones!
It’s about the Yap islands, where the “Rai” stone currency in the form of a four-meter disk is still used for trading. In the past, people mining for these stones would receive coconut beads from the Palau citizens who lived where the stone was found. Acquiring them was pretty dangerous, but they were appreciated due to their ancient value.
Hence, Rai is used nowadays for consistent transactions, even though the US dollar is the official currency here. For instance, land purchases, compensations, or marriage money can be paid with Rai stones carved with previous owners’ names.
2) Tea Bricks in Parts of Asia
The Asian culture values tea considerably due to its link with Buddhism. The history of the beverage is one of the oldest, and the variety of tea leaves makes it one of the most important historical traditions. But their values also stand as a currency when it comes to compressed tea or tea bricks.
You’ll find tea currency in Central Asia, China, Mongolia and even Tibet, where the tea’s quality differs based on how valuable the leaves are and how accessible it is on the market. In Siberia and Tibet, tea bricks were preferred over coins.
Tea bricks had many other use cases, such as being used as food in difficult times, as bricks would sometimes be mixed with flour or blood. Depending on the leaves, they would also be transformed into medicinal teas for coughs and colds. Unfortunately, it’s very rare for these bricks to be used anymore.
3) Parmigiano Reggiano in Italy
We can understand the craze around Parmigiano Reggiano, as its production is one of the most natural, and the glutamate content makes it so savory on its own but also contributes to delicious foods. Parmigiano Reggiano is also quite expensive in Italy and everywhere else because it’s made in specific regions, is created by hand, and the maturation process lasts for at least 12 months.
Due to its value, Parmigiano Reggio is sometimes used as currency in Northern Italy, Emilia Romagna more precisely, as one wheel is 300 euros. The bank Credito Emiliano from Emilia Romagna accepts it as a loan collateral, especially for cheese producers who struggle facing tough financial periods. The bank is currently holding around 17.000 tons of Parmigiano Reggio.
Moreover, the cheese becomes more valuable regarding taste if it ages considerably, so a three-year-old cheese batch is fantastic.
4) Shire Silver in New Hampshire
The Shire Silver currency doesn’t have a long history, being introduced to the market around 2007. It’s basically a card made of gold and silver, and its value fluctuates depending on the amount of gold and silver. For instance, the Silver one-gram card is $2, the Gold 0.1 grams is $10, and the Gold 0.5 grams is $50.
The retail prices are strongly related to the gold and silver spot prices, but due to volatility, the values presented above can change at any time the market booms or shrinks. The processing of the metal is also included in the shire’s values.
These currencies are made for trading, not investments, so you can spend them on a few things. At the same time, some places accept the Shire Silver as a donation, tithing or gift. However, their value will only be appreciated in New Hampshire, USA.
5) Mobile Phone Minutes
Since 2011, pre-paid mobile airtime minutes can be leveraged for various payments. Countries like Kenya, Nigeria or Romania offer these options where one minute equals one unit of currency that is linked with the value of the purchased items.
Phone minutes can sometimes be exchanged for cash or minor goods and services, but some shops also accept them for small transactions. Sometimes, prepaid can also be used while traveling, when you load a card with a certain sum of money and spend it like any credit or debit card. These options are great for those who want to stick to a budget or lock in a rate.
In Africa, for example, citizens can deposit, transfer or withdraw money through their mobile devices, and the vendor receives airtime minutes and can convert it into cash in unique shops.
This practice can also be done internationally, allowing citizens to access money without relying on financial institutions. Unfortunately, in undeveloped areas, the government is not much help to locals, so they must find alternative ways to purchase goods or make a living, which can be one of them.
What do you think about these currencies?
The current financial system has become essential to society, driving innovation and development. However, in some areas, an additional financial system is needed for traditions to be kept or for people to access money. Some of the most unconventional include paying loans with cheese or buying goods with pre-paid minutes. Modern people might consider them outdated, but they’re part of our history and have considerable significance.
