Every American probably has heard the story of how
Manhattan Island was sold by the indians for a few dollars worth of beads. That is why today it is thought of as the
Native Americans' currency for barter or trade. And after the arrival of
colonists to the Americas, wampum did become the
coin of the realm -- but this grossly understates its role in Native American culture.
Wampum -- from the Algonquin word wampumpeag -- was made into belts with intricate and specific iconic patterns -- patterns which could be referred to and "read" by the wampum keeper. They were made to record treaties and commemorate important ceremonies. They served as repositories of knowledge. Wampum belts were information storage devices.
An elder of the tribe was designated as the wampum keeper. He would hold the tribe's wampum, memorize the events recorded, and use them as a mnemonic when disputes arose. Thus, wampum played an important part in the oral history of the tribe.