Cowrie Shells

The most common species of cowrie is native to the Maldive Islands in the Indian Ocean, and its shell was used as money in many parts of Africa and Southern Asia. The cowrie illustrates the principal that any item whose quantity is inherently limited can be used as money. By the mid-20th century, however, shells from the Maldives as well as from other sources became so common that cowrie-based exchange ceased.